Short Interest in HEXO Corp. (HEXO) Rises By 54.8%

HEXO Corp. (NASDAQ:HEXO) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 6,096,136 shares, a growth of 54.8% from the March 29th total of 3,939,081 shares. Based on an average daily volume of 2,247,347 shares, the days-to-cover ratio is currently 2.7 days.

A number of research firms have recently weighed in on HEXO. Desjardins began coverage on shares of HEXO in a report on Thursday. They set a “buy” rating on the stock. Zacks Investment Research downgraded shares of HEXO from a “hold” rating to a “sell” rating in a report on Friday, April 19th. AltaCorp Capital restated an “outperform” rating on shares of HEXO in a report on Thursday, April 4th. Seaport Global Securities began coverage on shares of HEXO in a report on Thursday, February 21st. They set a “buy” rating and a $12.00 price target on the stock. Finally, Bank of America began coverage on shares of HEXO in a report on Wednesday, April 17th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $8.67.

HEXO stock opened at $7.17 on Friday. HEXO has a 1-year low of $3.02 and a 1-year high of $7.33.

HEXO (NASDAQ:HEXO) last released its quarterly earnings results on Wednesday, March 13th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $10.09 million for the quarter, compared to the consensus estimate of $10.01 million.

Large investors have recently bought and sold shares of the stock. Mycio Wealth Partners LLC acquired a new position in HEXO in the 1st quarter valued at $343,000. Strategic Financial Services Inc acquired a new position in HEXO in the 1st quarter valued at $66,000. Creative Planning acquired a new position in HEXO in the 1st quarter valued at $167,000. Finally, Oppenheimer & Co. Inc. acquired a new position in HEXO in the 1st quarter valued at $104,000.

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About 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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