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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 $0.64, moving -1.08% from the previous trading session. This change lagged the S&P 500's 1.78% gain on the day. Meanwhile, the Dow gained 2.06%, and the Nasdaq, a tech-heavy index, added 1.85%.

Prior to today's trading, shares of the cannabis producer had lost 6.11% over the past month. This has lagged the Medical sector's loss of 2.16% and the S&P 500's loss of 1.1% in that time.

Wall Street will be looking for positivity from HEXO as it approaches its next earnings report date. On that day, HEXO is projected to report earnings of -$0.02 per share, which would represent year-over-year growth of 80%. Meanwhile, our latest consensus estimate is calling for revenue of $19.78 million, up 80.64% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.06 per share and revenue of $105.62 million, which would represent changes of +75% and +75.31%, respectively, from the prior year.

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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 is currently sporting a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 163, putting it in the bottom 36% 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.

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


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Zacks Investment Research