HEXO (NASDAQ:HEXO) Reaches New 1-Year Low at $2.89

HEXO Corp. (NASDAQ:HEXO)’s share price reached a new 52-week low on Thursday . The company traded as low as $2.89 and last traded at $2.98, with a volume of 3280080 shares changing hands. The stock had previously closed at $3.70.

HEXO has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of HEXO from a “buy” rating to a “hold” rating in a research note on Thursday. Roth Capital lowered shares of HEXO from a “buy” rating to a “neutral” rating in a research note on Friday. Oppenheimer lowered shares of HEXO from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Bank of America lowered shares of HEXO from a “buy” rating to an “underperform” rating and lowered their target price for the company from $9.00 to $4.00 in a research note on Monday, October 7th. Finally, MKM Partners initiated coverage on shares of HEXO in a research note on Friday, September 20th. They issued a “buy” rating and a $12.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. HEXO has an average rating of “Hold” and an average price target of $7.67.

The business’s 50 day moving average is $4.07 and its 200-day moving average is $5.45.

A number of large investors have recently bought and sold shares of the stock. ETF Managers Group LLC acquired a new position in HEXO in the 2nd quarter valued at $35,519,000. Bank of America Corp DE grew its position in HEXO by 6,132.1% in the 2nd quarter. Bank of America Corp DE now owns 1,495,948 shares of the company’s stock worth $7,958,000 after purchasing an additional 1,471,944 shares during the last quarter. Morgan Stanley grew its position in HEXO by 55.0% in the 2nd quarter. Morgan Stanley now owns 949,398 shares of the company’s stock worth $5,051,000 after purchasing an additional 336,897 shares during the last quarter. FIL Ltd acquired a new stake in HEXO in the 1st quarter worth $4,691,000. Finally, TD Asset Management Inc. acquired a new stake in HEXO in the 2nd quarter worth $3,707,000.

About HEXO (NASDAQ:HEXO)

HEXO Corp., through its subsidiary, HEXO Operations Inc, produces, markets, and sells cannabis in Canada. The company offers dried cannabis under the Time of Day and H2 lines; Elixir, a cannabis oil sublingual mist product line; and Decarb, an activated fine-milled cannabis powder product. It provides its products under the HEXO and Hydropothecary brand names.

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