Canaccord Genuity Keeps a Hold Rating on HEXO (HEXO)
In a report released yesterday, Matt Bottomley from Canaccord Genuity maintained a Hold rating on HEXO (HEXO), with a price target of C$7.00. The company’s shares closed last Monday at $6.18.
According to TipRanks.com, Bottomley is a 5-star analyst with an average return of 29.0% and a 54.3% success rate. Bottomley covers the Basic Materials sector, focusing on stocks such as Harvest Health & Recreation, Goodness Growth Holdings, and Green Thumb Industries.
Currently, the analyst consensus on HEXO is a Hold with an average price target of $7.84, implying a 28.7% upside from current levels. In a report released yesterday, MKM Partners also maintained a Hold rating on the stock with a C$8.00 price target.
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Based on HEXO’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $32.88 million and GAAP net loss of $20.84 million. In comparison, last year the company earned revenue of $17.01 million and had a GAAP net loss of $298 million.
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HEXO Corp. engages in the manufacture, production, and distribution of medicinal marijuana. It offers products through the Time of Day, H2, Decarb, and Exlixir No. 1 brands. The company was founded by Sébastien St. Louis and Adam Miron on October 29, 2013 and is headquartered in Gatineau, Canada.
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