HEXO (HEXO) Gains As Market Dips: What You Should Know
HEXO (HEXO) closed at $7.53 in the latest trading session, marking a +0.67% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.16%. At the same time, the Dow added 0.01%, and the tech-heavy Nasdaq lost 0.26%.
Heading into today, shares of the cannabis producer had gained 18.35% over the past month, outpacing the Medical sector's loss of 4.12% and the S&P 500's loss of 0.19% in that time.
Wall Street will be looking for positivity from HEXO as it approaches its next earnings report date.
Investors should also note any recent changes to analyst estimates for HEXO. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 7.91% higher within the past month. HEXO is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 159, putting it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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