Hexo (TSE:HEXO) was downgraded by analysts at CIBC from an “outperform” rating to a “neutral” rating in a report released on Monday, BayStreet.CA reports. They currently have a C$8.50 target price on the stock, down from their prior target price of C$9.50. CIBC’s price objective points to a potential upside of 16.28% from the stock’s previous close.
HEXO has been the subject of a number of other research reports. Canaccord Genuity upped their target price on Hexo from C$7.50 to C$10.00 in a report on Friday, March 15th. AltaCorp Capital reiterated an “outperform” rating and set a C$10.50 price objective on shares of Hexo in a report on Thursday, April 4th. BMO Capital Markets increased their price objective on Hexo from C$6.00 to C$9.00 in a report on Friday, March 15th. Jefferies Financial Group reiterated an “underperform” rating and set a C$5.60 price objective on shares of Hexo in a report on Monday, February 25th. Finally, Bank of America reiterated a “buy” rating and set a C$10.00 price objective on shares of Hexo in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Hexo presently has an average rating of “Buy” and a consensus price target of C$9.59.
Hexo stock traded down C$0.21 during mid-day trading on Monday, reaching C$7.31. 1,619,902 shares of the company were exchanged, compared to its average volume of 3,306,383. The firm’s fifty day moving average is C$9.33. The firm has a market cap of $1.81 billion and a price-to-earnings ratio of -47.05. Hexo has a 12-month low of C$3.98 and a 12-month high of C$11.29.
In other news, Senior Officer Devan Chandler Pennell sold 20,000 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of C$8.50, for a total transaction of C$170,000.00. Following the completion of the sale, the insider now owns 25,000 shares in the company, valued at approximately C$212,500.
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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