HEXO (HEXO) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, HEXO (HEXO) closed at $6.76, marking a +1.65% move from the previous day. This change outpaced the S&P 500's 0.16% gain on the day. Meanwhile, the Dow gained 0.42%, and the Nasdaq, a tech-heavy index, added 0.03%.
Coming into today, shares of the cannabis producer had lost 1.04% in the past month. In that same time, the Medical sector lost 8.18%, while the S&P 500 gained 2.89%.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 17.56% lower. HEXO is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 94, which puts it in the top 37% 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.
To follow HEXO in the coming trading sessions, be sure to utilize Zacks.com.
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