HEXO (NASDAQ:HEXO) Lowered to “Neutral” at CIBC

HEXO (NASDAQ:HEXO) was downgraded by investment analysts at CIBC from a “sector outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday, The Fly reports.

Several other equities research analysts also recently commented on the stock. Desjardins started coverage on shares of HEXO in a research note on Thursday, April 25th. They issued a “buy” rating and a $7.17 target price for the company. Beacon Securities reaffirmed a “buy” rating on shares of HEXO in a research note on Tuesday, February 19th. Seaport Global Securities started coverage on shares of HEXO in a research note on Thursday, February 21st. They issued a “buy” rating and a $12.00 target price for the company. Bank of America started coverage on shares of HEXO in a research note on Wednesday, April 17th. They issued a “buy” rating for the company. Finally, Zacks Investment Research raised shares of HEXO from a “sell” rating to a “hold” rating in a research note on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $8.63.

Shares of HEXO traded up $0.01 on Friday, reaching $5.62. 97,493 shares of the company’s stock were exchanged, compared to its average volume of 3,538,105. HEXO has a 12 month low of $3.02 and a 12 month high of $8.40.

A number of large investors have recently modified their holdings of HEXO. FIL Ltd bought a new stake in HEXO in the first quarter valued at approximately $4,691,000. Bank of Montreal Can acquired a new position in shares of HEXO in the first quarter valued at approximately $3,439,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of HEXO in the first quarter valued at approximately $2,949,000. CIBC World Markets Inc. acquired a new position in shares of HEXO in the first quarter valued at approximately $1,676,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of HEXO in the first quarter valued at approximately $1,572,000.

HEXO Company Profile

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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