HEXO Catches Eye: Stock Jumps 6.6%

HEXO Corp. HEXO was a big mover last session, as the company saw its shares rise nearly 7% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $5.26 –$6.00 in the past one-month time frame, witnessed a sharp increase yesterday.

The upside came after the company has entered into an agreement to buy Newstrike in an all-stock transaction for roughly $263 million.

The company has seen a mixed track record when it comes to estimate revisions of no increase and one decrease over the past few weeks, while the Zacks Consensus Estimate for the current quarter remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.

HEXO currently has a Zacks Rank #3 (Hold) while its Earnings ESP is positive. 

Investors interested in the Medical - Products industry may consider Bio-Rad Laboratories, Inc. BIO, which has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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