HEXO (NYSE:HEXO) Shares Down 4.7%

Shares of HEXO Corp. (NYSE:HEXO) fell 4.7% during trading on Thursday . The company traded as low as $4.24 and last traded at $4.24. 55,591 shares changed hands during trading, a decline of 98% from the average session volume of 3,430,423 shares. The stock had previously closed at $4.45.

Several research firms have recently issued reports on HEXO. Desjardins lowered their price objective on HEXO from C$8.00 to C$7.50 and set a “hold” rating for the company in a research note on Wednesday, June 16th. Atb Cap Markets cut shares of HEXO from a “sector perform” rating to an “underperform” rating in a research report on Monday, June 14th. Zacks Investment Research downgraded shares of HEXO from a “hold” rating to a “sell” rating in a research note on Wednesday, June 16th. Finally, Canaccord Genuity reduced their price objective on shares of HEXO from C$9.00 to C$7.00 and set a “hold” rating on the stock in a research note on Tuesday, June 15th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $4.94.

The stock has a market capitalization of $646.18 million, a price-to-earnings ratio of -2.89 and a beta of 1.08. The company has a current ratio of 3.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $5.84.

HEXO (NYSE:HEXO) last announced its quarterly earnings data on Sunday, June 13th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). HEXO had a negative net margin of 189.28% and a negative return on equity of 12.50%. The business had revenue of $17.95 million during the quarter, compared to analyst estimates of $27.96 million. On average, equities research analysts predict that HEXO Corp. will post -0.19 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in HEXO. D. E. Shaw & Co. Inc. bought a new stake in HEXO in the 1st quarter valued at about $4,451,000. Mirae Asset Global Investments Co. Ltd. grew its stake in HEXO by 126.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,158,970 shares of the company’s stock valued at $7,488,000 after acquiring an additional 648,084 shares during the period. QS Investors LLC bought a new stake in shares of HEXO during the first quarter valued at approximately $1,182,000. HRT Financial LP raised its position in shares of HEXO by 734.6% during the first quarter. HRT Financial LP now owns 178,349 shares of the company’s stock worth $1,155,000 after purchasing an additional 156,980 shares during the period. Finally, Gotham Asset Management LLC acquired a new position in shares of HEXO during the first quarter worth approximately $1,006,000. Institutional investors own 10.60% of the company’s stock.

About HEXO (NYSE:HEXO)

HEXO Corp., through its subsidiaries, produces, markets, and sells cannabis in Canada. It 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. The company offers its adult-use and medical products under the HEXO brand name.

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