Canaccord Genuity lifts HEXO Corp. [HEXO] price estimate. Who else is bullish?

HEXO Corp. [NASDAQ: HEXO] stock went on an upward path that rose over 13.18% on Friday, amounting to a one-week price increase of more than 28.07%. The company report on January 13, 2023 that HEXO Corp. Announces Filing of Supplement to Proxy Circular for Appointment of Auditor.

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This news release constitutes a “designated news release” for the purposes of HEXO’s prospectus supplement dated May 2, 2022 to its short form base shelf prospectus dated May 7, 2021 and amended and restated on May 25, 2021.

HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) (“HEXO” or the “Company”), a leading producer of high-quality cannabis products, today announced that it has filed amended meeting materials (collectively, the “Amended Meeting Materials”) consisting of an amended notice of meeting and a supplement to its information circular dated December 14, 2022 well in advance of its upcoming annual meeting of shareholders to be held on January 31, 2023 (the “2023 AGM”). The sole purpose of the Amended Meeting Materials is to propose to shareholders that Macias Gini & O’Connell LLP (“MGO” or the “Successor Auditor”) be appointed, by way of ordinary resolution to be passed by a simple majority of the votes cast thereon, as the auditor of the Company in respect of the financial year ending July 31, 2023 and that the directors of the Company be authorized to determine their remuneration.

Over the last 12 months, HEXO stock dropped by -84.40%. The average equity rating for HEXO stock is currently 3.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $73.39 million, with 42.93 million shares outstanding and 42.03 million shares in the current float. Compared to the average trading volume of 504.46K shares, HEXO stock reached a trading volume of 15026963 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on HEXO Corp. [HEXO]:

Canaccord Genuity have made an estimate for HEXO Corp. shares, keeping their opinion on the stock as Speculative Buy, with their previous recommendation back on March 04, 2022. While these analysts kept the previous recommendation, Jefferies dropped their target price from $1.07 to $0.53. The new note on the price target was released on January 27, 2022, representing the official price target for HEXO Corp. stock.

The Average True Range (ATR) for HEXO Corp. is set at 0.15, with the Price to Sales ratio for HEXO stock in the period of the last 12 months amounting to 0.42. The Price to Book ratio for the last quarter was 0.24, with the Price to Cash per share for the same quarter was set at 1.56.

HEXO Stock Performance Analysis:

HEXO Corp. [HEXO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 28.07. With this latest performance, HEXO shares dropped by -33.45% in over the last four-week period, additionally sinking by -44.56% over the last 6 months – not to mention a drop of -84.40% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for HEXO stock in for the last two-week period is set at 50.91, with the RSI for the last a single of trading hit 63.69, and the three-weeks RSI is set at 44.73 for HEXO Corp. [HEXO]. The present Moving Average for the last 50 days of trading for this stock 1.9273, while it was recorded at 1.2100 for the last single week of trading, and 3.2368 for the last 200 days.

Insight into HEXO Corp. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and HEXO Corp. [HEXO] shares currently have an operating margin of -152.05 and a Gross Margin at -85.88. HEXO Corp.’s Net Margin is presently recorded at -558.65.

Return on Equity for this stock declined to -204.53, with Return on Assets sitting at -107.15.

HEXO Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.70.

HEXO Corp. [HEXO] Insider Position Details

There are presently around $6 million, or 10.06% of HEXO stock, in the hands of institutional investors. The top three institutional holders of HEXO stocks are: ETF MANAGERS GROUP, LLC with ownership of 1,638,626, which is approximately 7.379% of the company’s market cap and around 3.10% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 948,966 shares of the stock with an approximate value of $1.39 million in HEXO stocks shares; and HUDSON BAY CAPITAL MANAGEMENT LP, currently with $1.29 million in HEXO stock with ownership of nearly 168.989% of the company’s market capitalization.

Positions in HEXO Corp. stocks held by institutional investors increased at the end of December and at the time of the December reporting period, where 19 institutional holders increased their position in HEXO Corp. [NASDAQ:HEXO] by around 1,039,589 shares. Additionally, 44 investors decreased positions by around 303,691 shares, while 36 investors held positions by with 2,742,784 shares. The mentioned changes placed institutional holdings at 4,086,064 shares, according to the latest SEC report filing. HEXO stock had 9 new institutional investments in for a total of 8,140 shares, while 17 institutional investors sold positions of 88,758 shares during the same period.


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