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HEXO (HEXO) Gains As Market Dips: What You Should Know

Zacks Equity Research

In the latest trading session, HEXO (HEXO) closed at $7.15, marking a +0.28% move from the previous day. This change outpaced the S&P 500's 0.04% loss on the day. Elsewhere, the Dow lost 0.51%, while the tech-heavy Nasdaq added 0.21%.

Heading into today, shares of the cannabis producer had gained 11.76% over the past month, outpacing the Medical sector's loss of 5.37% and the S&P 500's gain of 4.65% in that time.

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 recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 12.59% lower. HEXO is holding a Zacks Rank of #3 (Hold) right now.

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 145, putting it in the bottom 44% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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