HEXO (HEXO - Free Report) closed at $6.47 in the latest trading session, marking a +0.78% move from the prior day. This change lagged the S&P 500's 2.14% gain on the day. Meanwhile, the Dow gained 2.06%, and the Nasdaq, a tech-heavy index, added 2.65%.
Prior to today's trading, shares of the cannabis producer had lost 19.07% over the past month. This has lagged the Medical sector's loss of 3.29% and the S&P 500's loss of 6.63% in that time.
Investors will be hoping for strength from HEXO as it approaches its next earnings release.
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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 4.42% lower within the past month. HEXO is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 84, putting it in the top 33% 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.