HEXO (NYSE:HEXO) Stock Price Down 6.5%

HEXO Corp. (NYSE:HEXOGet Rating) was down 6.5% during trading on Thursday . The company traded as low as $0.17 and last traded at $0.17. Approximately 4,565,957 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 7,719,146 shares. The stock had previously closed at $0.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on HEXO shares. Atb Cap Markets cut shares of HEXO from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 15th. Cantor Fitzgerald reissued a “neutral” rating on shares of HEXO in a research note on Thursday, June 16th. Canaccord Genuity Group lowered shares of HEXO from a “buy” rating to a “hold” rating in a report on Thursday, June 16th. Finally, Alliance Global Partners lowered shares of HEXO from a “buy” rating to a “neutral” rating in a report on Wednesday, June 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.11.

HEXO Price Performance

The company’s fifty day moving average is $0.21 and its 200 day moving average is $0.32. The company has a quick ratio of 0.60, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. The stock has a market cap of $102.65 million, a PE ratio of -0.07 and a beta of 0.99.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its holdings in HEXO by 184.5% in the second quarter. Millennium Management LLC now owns 860,731 shares of the company’s stock valued at $181,000 after buying an additional 558,231 shares during the period. Renaissance Technologies LLC acquired a new stake in HEXO in the second quarter valued at approximately $796,000. Mirae Asset Global Investments Co. Ltd. grew its position in HEXO by 48.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,622,055 shares of the company’s stock valued at $1,805,000 after acquiring an additional 2,795,755 shares in the last quarter. Virtu Financial LLC grew its position in HEXO by 91.9% in the first quarter. Virtu Financial LLC now owns 430,007 shares of the company’s stock valued at $267,000 after acquiring an additional 205,943 shares in the last quarter. Finally, Royal Bank of Canada grew its position in HEXO by 10.9% in the first quarter. Royal Bank of Canada now owns 428,874 shares of the company’s stock valued at $266,000 after acquiring an additional 42,220 shares in the last quarter. Hedge funds and other institutional investors own 7.80% of the company’s stock.

HEXO Company Profile

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HEXO Corp., through its subsidiaries, produces, markets, and sells cannabis in Canada. The company offers its adult-use and medical products under the HEXO brand name. It also provides cannabis beverages under the Little Victory, House of Terpenes, Mollo, Veryvell, and XMG brands; and cannabis products under UP Cannabis, Original Stash, and Up brand names.

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