HEXO (HEXO) closed at $4.26 in the latest trading session, marking a +1.43% move from the prior day. The stock outpaced the S&P 500's daily loss of 1.09%. Elsewhere, the Dow lost 1.23%, while the tech-heavy Nasdaq lost 1.19%.
Coming into today, shares of the cannabis producer had lost 18.92% in the past month. In that same time, the Medical sector lost 2.37%, while the S&P 500 gained 2.62%.
HEXO will be looking to display strength as it nears its next earnings release.
Any recent changes to analyst estimates for HEXO should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. HEXO currently has a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 78, which puts it in the top 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow HEXO in the coming trading sessions, be sure to utilize Zacks.com.
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