HEXO (NASDAQ:HEXO) Shares Gap Up to $1.85

HEXO Corp. (NASDAQ:HEXO) shares gapped up prior to trading on Thursday . The stock had previously closed at $2.05, but opened at $1.85. HEXO shares last traded at $1.77, with a volume of 821,163 shares traded.

A number of analysts have commented on the company. Jefferies Financial Group upgraded HEXO from an “underperform” rating to a “hold” rating in a research report on Friday, October 11th. Eight Capital cut HEXO from a “neutral” rating to a “sell” rating in a research report on Wednesday, October 30th. AltaCorp Capital cut HEXO from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, October 29th. Canaccord Genuity cut HEXO from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, MKM Partners assumed coverage on HEXO in a research report on Friday, September 20th. They issued a “buy” rating and a $12.00 price target for the company. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. HEXO has a consensus rating of “Hold” and a consensus target price of $5.60.

The firm has a 50-day moving average of $1.86 and a 200-day moving average of $3.28.

HEXO (NASDAQ:HEXO) last released its earnings results on Monday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The company had revenue of $11.79 million during the quarter, compared to analysts’ expectations of $11.31 million.

Several large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in shares of HEXO by 895.5% during the third quarter. Millennium Management LLC now owns 1,593,445 shares of the company’s stock worth $6,310,000 after purchasing an additional 1,793,745 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of HEXO by 6,132.1% in the 2nd quarter. Bank of America Corp DE now owns 1,495,948 shares of the company’s stock valued at $7,958,000 after purchasing an additional 1,471,944 shares during the last quarter. Morgan Stanley lifted its stake in shares of HEXO by 55.0% in the 2nd quarter. Morgan Stanley now owns 949,398 shares of the company’s stock valued at $5,051,000 after purchasing an additional 336,897 shares during the last quarter. Barclays PLC bought a new stake in shares of HEXO in the 3rd quarter valued at approximately $3,213,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of HEXO in the 4th quarter valued at approximately $397,000.

HEXO Company Profile (NASDAQ:HEXO)

HEXO Corp., through its subsidiary, HEXO Operations Inc, produces, markets, and sells cannabis in Canada. The company offers dried cannabis under the Time of Day and H2 lines; Elixir, a cannabis oil sublingual mist product line; and Decarb, an activated fine-milled cannabis powder product. It provides its products under the HEXO and Hydropothecary brand names.

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