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HEXO (HEXO) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research
·2 min read

HEXO (HEXO) closed the most recent trading day at $0.78, moving -0.18% from the previous trading session. This change lagged the S&P 500's 0.77% gain on the day. At the same time, the Dow lost 0.08%, and the tech-heavy Nasdaq gained 2.01%.

Coming into today, shares of the cannabis producer had gained 1.11% in the past month. In that same time, the Medical sector gained 0.69%, while the S&P 500 gained 2.11%.

Investors will be hoping for strength from HEXO as it approaches its next earnings release. In that report, analysts expect HEXO to post earnings of -$0.02 per share. This would mark year-over-year growth of 80%. Our most recent consensus estimate is calling for quarterly revenue of $21.62 million, up 97.48% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.05 per share and revenue of $101.09 million. These totals would mark changes of +79.17% and +67.78%, respectively, from last year.

Any recent changes to analyst estimates for HEXO should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Over the past month, the Zacks Consensus EPS estimate has moved 17.78% higher. HEXO is currently a Zacks Rank #3 (Hold).

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 38% 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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