Hexo (TSE:HEXO) Stock Price Down 8.3% After Analyst Downgrade

Hexo Corp (TSE:HEXO)’s stock price dropped 8.3% during mid-day trading on Monday after CIBC lowered their price target on the stock from C$7.50 to C$4.00. The stock traded as low as C$3.23 and last traded at C$3.30, approximately 2,028,510 shares traded hands during mid-day trading. A decline of 26% from the average daily volume of 2,723,872 shares. The stock had previously closed at C$3.60.

Separately, Jefferies Financial Group raised shares of Hexo from an “underperform” rating to a “hold” rating and lowered their price target for the stock from C$7.70 to C$3.80 in a research note on Friday, October 11th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of C$8.54.

The stock has a market capitalization of $874.72 million and a PE ratio of -19.04. The firm’s 50 day moving average price is C$5.51. The company has a quick ratio of 4.05, a current ratio of 5.62 and a debt-to-equity ratio of 7.80.

About Hexo (TSE: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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