HEXO shares ended the last trading session 10% higher at $7.18. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.8% gain over the past four weeks.
HEXO scored a strong price increase driven by the optimism surrounding the company’s decision to acquire Redecan, Canada’s renowned privately owned cannabis company. Per the deal, HEXO is set to acquire all of the outstanding shares of the entities that carry on the business of Redecan. The market is also optimistic about the definitive arrangement agreement of HEXO with 48North Cannabis Corp to acquire all of the latter’s issued and outstanding common shares.
Price and Consensus
This cannabis producer is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +68.8%. Revenues are expected to be $27.67 million, up 71.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For HEXO, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HEXO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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HEXO shares ended the last trading session 10% higher at $7.18. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.8% gain over the past four weeks.
HEXO scored a strong price increase driven by the optimism surrounding the company’s decision to acquire Redecan, Canada’s renowned privately owned cannabis company. Per the deal, HEXO is set to acquire all of the outstanding shares of the entities that carry on the business of Redecan. The market is also optimistic about the definitive arrangement agreement of HEXO with 48North Cannabis Corp to acquire all of the latter’s issued and outstanding common shares.
Price and Consensus
This cannabis producer is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +68.8%. Revenues are expected to be $27.67 million, up 71.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For HEXO, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HEXO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>