U.S. Markets open in 5 hrs 49 mins

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

Zacks Equity Research

In the latest trading session, HEXO (HEXO) closed at $2.17, marking a +1.88% move from the previous day. This move outpaced the S&P 500's daily loss of 0.66%. Elsewhere, the Dow lost 1.01%, while the tech-heavy Nasdaq lost 0.55%.

Heading into today, shares of the cannabis producer had gained 2.9% over the past month, lagging the Medical sector's gain of 4.7% and outpacing the S&P 500's gain of 1.77% in that time.

Wall Street will be looking for positivity from HEXO as it approaches its next earnings report date.

HEXO's full-year Zacks Consensus Estimates are calling for earnings of -$0.22 per share and revenue of $84.72 million. These results would represent year-over-year changes of -15.79% and +88.92%, respectively.

Investors might also notice recent changes to analyst estimates for HEXO. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.

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 3.32% higher. HEXO is holding a Zacks Rank of #4 (Sell) right now.

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 139, which puts it in the bottom 46% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
HEXO Corp. (HEXO) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research