The stock of HEXO Corp. (NYSE:HEXO) is now priced at $0.7 and the shares are -0.02 points down or -2.7% lower compared to its previous closing price of $0.72. The stock had 6.248 million contracts set over the past session. HEXO shares’ daily volume is compared to its average trading volume at 15.148 million shares. However, it has a float of 325 million and although its performance was -2.49% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the HEXO share price recently placing at $0.6951 to $0.715. However, some brokerage firms have priced the stock below the average, including one that has called $0.57.
The shorts are running away from the HEXO Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the HEXO shares have declined. Short interest in the stock represents just 9.85% of its float, but the volume has dropped by 0.
In the last trading session, HEXO Corp. (NYSE:HEXO) dropped by -$0.0179 over the week and lost -$0.0292 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.75. The stock recorded its established 52-week high on 09/09/19.
Since 03/18/20, the stock has traded to a low of $0.3455 at 102.55%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, HEXO Corp.’s two-week RSI is 46.3. This suggests that the stock is neutral at the moment and that HEXO shares’ price movement remains stable. The stochastic readings are equally revealing at 17.12% meaning the HEXO share price is currently in overbought territory.
The technical chart shows that the HEXO stock will likely settle at between $0.7115 and $0.7232 per share. However, if the stock dips below $0.6916, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.6834.
Currently, the stock is trading in the green of MACD, with a reading of 0.0046. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Cantor Fitzgerald raised their recommendation for HEXO from Underweight to Neutral in July 22 review. Bryan Garnier analysts downgraded their recommendation of the stock from Buy to Sell in a flash note released to investors on July 01. BMO Capital Markets seeing the improvements upgraded the stock from Underperform to Market Perform on June 29.
The average rating for the HEXO equity is 3.58 and is currently gathering a bearish momentum. Of 12 analysts tracking HEXO Corp. polled by Reuters, 6 rated HEXO as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 5 analyst advised investors against buying the stock or to sell if they own any of the stock.