$26.22 Million in Sales Expected for HEXO Corp. (NYSE:HEXO) This Quarter

Wall Street analysts expect that HEXO Corp. (NYSE:HEXO) will post sales of $26.22 million for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for HEXO’s earnings, with estimates ranging from $24.57 million to $30.21 million. HEXO posted sales of $20.31 million in the same quarter last year, which suggests a positive year-over-year growth rate of 29.1%. The business is expected to announce its next earnings results on Thursday, November 4th.

According to Zacks, analysts expect that HEXO will report full year sales of $94.69 million for the current financial year, with estimates ranging from $91.71 million to $98.35 million. For the next financial year, analysts forecast that the company will post sales of $208.89 million, with estimates ranging from $152.04 million to $236.35 million. Zacks’ sales averages are an average based on a survey of research firms that follow HEXO.

HEXO has been the topic of several research analyst reports. Desjardins decreased their price target on shares of HEXO from C$8.00 to C$7.50 and set a “hold” rating on the stock in a research note on Wednesday, June 16th. CIBC reaffirmed a “buy” rating on shares of HEXO in a research note on Friday. Alliance Global Partners reduced their price objective on shares of HEXO from C$12.00 to C$7.25 and set a “buy” rating on the stock in a research note on Wednesday, September 1st. Atb Cap Markets reaffirmed an “underperform” rating on shares of HEXO in a research note on Friday, July 23rd. Finally, Canaccord Genuity reduced their price objective on shares of HEXO from C$9.00 to C$7.00 and set a “hold” rating on the stock in a research note on Tuesday, June 15th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, HEXO has a consensus rating of “Hold” and an average price target of $6.99.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc acquired a new stake in shares of HEXO during the second quarter worth $35,000. Quantbot Technologies LP acquired a new stake in shares of HEXO during the first quarter worth $42,000. North Star Investment Management Corp. raised its holdings in shares of HEXO by 246.4% during the second quarter. North Star Investment Management Corp. now owns 8,660 shares of the company’s stock worth $50,000 after acquiring an additional 6,160 shares during the period. Shell Asset Management Co. acquired a new stake in shares of HEXO during the second quarter worth $61,000. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of HEXO by 714.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,400 shares of the company’s stock worth $66,000 after acquiring an additional 10,000 shares during the period. Institutional investors own 23.31% of the company’s stock.

Shares of HEXO traded up $0.13 during mid-day trading on Monday, hitting $2.04. 8,840,832 shares of the company traded hands, compared to its average volume of 5,769,724. HEXO has a one year low of $1.86 and a one year high of $11.04. The company has a current ratio of 3.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average of $2.99 and a 200 day moving average of $5.06. The stock has a market capitalization of $311.56 million, a price-to-earnings ratio of -1.35 and a beta of 1.01.

About HEXO

HEXO Corp. is a consumer packaged goods cannabis company, which creates and distributes products to serve the global cannabis market. It serves the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis and Original Stash brands, and the medical market under HEXO medical cannabis. The company was founded by S├ębastien St.

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