Geometry Dash APK Hill Climb Racing APK
34.9 F
New York
Saturday, December 10, 2022

HEXO Corp (NYSE:HEXO) Stock Turns Lower Amid Analysts Pessimism

Must read

Net Savings Link Inc (OTCMKTS:NSAV) Goes Parabolic Ahead of Important Event

As far as cryptocurrency and blockchain companies are concerned, there are many options nowadays for investors to explore.

American Diversified Holdings Corp (OTCMKTS:ADHC) Nears Critical Level

When a stock records significant gains and then crashes and repeats over the course of a few months, then it might be...

Reconnaissance Energy Africa Ltd (OTCMKTS:RECAF) Gathers Further Momentum

If you are currently looking for stocks that may have recorded massive gains within a short period of time, then it might...

Humbl Inc (OTCMKTS:TSNPD) Bounces Back and Lands On The Radar

Over the course of the past months, Humbl Inc (OTCMKTS:TSNPD) stock has managed to record massive gains and much of that has...


The cannabis space has gone through considerable pain over the past week or so, and hence, an analyst downgrade at such a time can only be bad news for a company. In a fresh setback for HEXO Corp (TSX:HEXO) (NYSE:HEXO), the stock was downgraded by Jeffries Financial Group, and that resulted in a selloff in the stock as well. 

Analysts Note 

In its latest research note, Jeffries downgraded the HEXO stock from hold to underperform and also cut the target price by almost 50%. The new target price for the stock has been set at CA$1. The earlier target price had been CA$1.90. 

The analyst, Owen Bennett stated that the forecasts with regards to the sales of marijuana and cannabis products are unrealistically bullish. In addition to that, he played down the impact of ‘cannabis 2.0’ products as well. Bennett stated that any kind of profitability from these products are going to be ‘non-existent’ in the early days. 

Find out when $HEXO reaches critical levels. Subscribe to Right Now by entering your Email in the box below.

HEXO has made a big play for the cannabis derivative market and has tied up with Molson Coors Beverages to make cannabis-laced beverages. It should be noted that back in October 2019, the stock had been downgraded to underperform from buy by Bank of America. 

February has not been a great month for HEXO so far. Earlier on in the month, the company announced the resignation of one of its board members. The board member in question is Nathalie Bourque, and her resignation went into effect on February 7. 

That being said, the company did not reveal the reasons for her departure, and in addition to that, HEXO did not state whether it was actively looking for a replacement either. The HEXO board had a total of 6 members prior to Bourque’s resignation.

The company praised the contributions made by Bourque during her time as a board member at Hexo. There have been layoffs and departure of key personnel at other cannabis companies as well in recent days.  Sign-up below for continuing coverage on shares of $HEXO stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Latest article

Alibaba Group Holding Limited (OTCMKTS:BABAF) Big Volume with Possible 60% Upside

Alibaba Group Holding Limited (OTCMKTS:  BABAF) is an over the counter stock traded on the OTC Pink markets in the Consumer Discretionary...

Trans Global Group Inc (OTCMKTS:TGGI) Stock In Focus After Operational Updates

The Trans Global Group Inc (OTCMKTS:TGGI) stock may not have been in the news today yet but it...

Why Hycroft Mining (NASDAQ:HYMC) Stock Shot Up 700%

If you are on the hunt for stocks that may have made major gains over the course of the past week, then...

Secure Paymentz releases banking software demo on Github

This is a paid announcement from one of our advertising partners. How to Leverage Your Trading Position by Secure...

Advanced Asset Management Announces New Website Launch

This is a paid announcement from one of our advertising partners. Financial Planner in Grandville, Michigan
Şehirler arası nakliyat ve Şehirler arası taşımacılık konusunda en uygun fiyatlar ve en kaliteli hizmet.
ofis taşıma firmaları ve ofis taşıma konusunda en uygun fiyatlar ve en kaliteli hizmet. Affordable best sms verification service