HEXO (NYSE:HEXO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of HEXO (NYSE:HEXOGet Rating) from a buy rating to a hold rating in a research note issued to investors on Friday, 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 analysts have also commented on the company. Cantor Fitzgerald cut their target price on HEXO from $1.20 to $0.90 and set a neutral rating for the company in a research note on Friday, March 4th. Canaccord Genuity Group upgraded HEXO from a hold rating to a buy rating in a research note on Friday, March 4th. Atb Cap Markets upgraded HEXO from an underperform rating to a sector perform rating in a research note on Thursday, March 3rd. Jefferies Financial Group upgraded HEXO from an underperform rating to a hold rating and dropped their price objective for the stock from $1.07 to $0.53 in a research note on Thursday, January 27th. Finally, Canaccord Genuity Group upgraded HEXO from a hold rating to a speculative buy rating in a research note on Friday, March 4th. One equities 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. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $3.42.

Shares of NYSE HEXO opened at $0.50 on Friday. The business has a fifty day simple moving average of $0.59 and a 200 day simple moving average of $0.92. The company has a current ratio of 0.96, a quick ratio of 0.60 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $189.61 million, a price-to-earnings ratio of -0.20 and a beta of 1.01. HEXO has a one year low of $0.46 and a one year high of $7.55.

Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in HEXO in the third quarter valued at about $7,418,000. Swiss National Bank boosted its holdings in HEXO by 45.2% in the third quarter. Swiss National Bank now owns 446,200 shares of the company’s stock valued at $813,000 after acquiring an additional 138,900 shares during the last quarter. Intact Investment Management Inc. boosted its holdings in HEXO by 103.7% in the third quarter. Intact Investment Management Inc. now owns 484,500 shares of the company’s stock valued at $1,124,000 after acquiring an additional 246,700 shares during the last quarter. Franklin Resources Inc. bought a new position in HEXO in the third quarter valued at about $256,000. Finally, Goldman Sachs Group Inc. boosted its holdings in HEXO by 811.4% in the third quarter. Goldman Sachs Group Inc. now owns 1,000,472 shares of the company’s stock valued at $1,840,000 after acquiring an additional 890,696 shares during the last quarter. Institutional investors own 22.07% of the company’s stock.

HEXO Company Profile (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.

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