HEXO (NYSE:HEXO) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of HEXO (NYSE:HEXOGet Rating) from a buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

According to Zacks, “HEXO Corp. is a consumer-packaged goods cannabis company. It creates and distributes products to serve the global cannabis market. HEXO Corp. is based in GATINEAU, Quebec. “

A number of other research firms have also weighed in on HEXO. Cantor Fitzgerald cut their price objective on HEXO from $1.20 to $0.90 and set a neutral rating on the stock in a research report on Friday, March 4th. Canaccord Genuity Group raised HEXO from a hold rating to a speculative buy rating in a report on Friday, March 4th. Atb Cap Markets raised HEXO from an underperform rating to a sector perform rating in a report on Thursday, March 3rd. Jefferies Financial Group raised HEXO from an underperform rating to a hold rating and dropped their target price for the company from $1.07 to $0.53 in a report on Thursday, January 27th. Finally, Canaccord Genuity Group upgraded shares of HEXO from a hold rating to a buy rating in a research note on Friday, March 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, HEXO presently has an average rating of Hold and an average price target of $3.42.

HEXO stock opened at $0.53 on Friday. HEXO has a twelve month low of $0.46 and a twelve month high of $7.55. The stock’s fifty day simple moving average is $0.60 and its 200-day simple moving average is $0.95. The company has a quick ratio of 0.60, a current ratio of 0.96 and a debt-to-equity ratio of 0.09.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its holdings in HEXO by 115.6% during the fourth quarter. Mackenzie Financial Corp now owns 49,291 shares of the company’s stock worth $34,000 after purchasing an additional 26,426 shares in the last quarter. Squarepoint Ops LLC purchased a new position in HEXO during the fourth quarter worth about $36,000. Cedar Brook Financial Partners LLC raised its holdings in HEXO by 89.0% during the fourth quarter. Cedar Brook Financial Partners LLC now owns 125,320 shares of the company’s stock worth $88,000 after purchasing an additional 59,000 shares in the last quarter. Credit Suisse AG increased its holdings in HEXO by 29.1% in the fourth quarter. Credit Suisse AG now owns 137,803 shares of the company’s stock valued at $96,000 after buying an additional 31,041 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in HEXO in the third quarter valued at about $142,000. 22.07% of the stock is owned by hedge funds and other institutional investors.

About HEXO (Get Rating)

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.

Further Reading

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Analyst Recommendations for HEXO (NYSE:HEXO)

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