HEXO (HEXO) Flat As Market Sinks: What You Should Know
HEXO (HEXO) closed at $1.17 in the latest trading session, marking no change from the prior day. This change was narrower than the S&P 500's 0.06% loss on the day. Meanwhile, the Dow gained 0.29%, and the Nasdaq, a tech-heavy index, added 0.23%.
Coming into today, shares of the cannabis producer had gained 88.83% in the past month. In that same time, the Medical sector gained 9.55%, while the S&P 500 gained 11.09%.
HEXO will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of -$0.02, up 80% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $21.62 million, up 97.48% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.05 per share and revenue of $101.09 million, which would represent changes of +79.17% and +67.78%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for HEXO. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.78% lower within the past month. HEXO is currently a Zacks Rank #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 123, putting it in the top 49% 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.
To follow HEXO in the coming trading sessions, be sure to utilize Zacks.com.
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