The cannabis sector has enjoyed a comeback of sorts in recent days and many of the companies have seen their stocks go on an upward move. One of those companies is HEXO Corp (NASDAQ: HEXO).
Trading Data
On Friday, HEXO stock soared 7.41% to $0.7418 with more than 34.44 million shares, compared to its average Friday of 7.83 million shares. The stock moved within a range of $0.6844 – 0.7500 after opening trading at $0.7425.
Major Trigger
Last Friday the company’s stock was in the middle of a strong move and ended up with gains of as much as 7%. That took the gains made by the stock over the course of the previous week to as much as 25%. Considering the magnitude of the gains, it may be a good time to take a look into Hexo a bit more closely.
There has been no news about the company in recent days but earlier on in the month it had been announced that cannabis company Tilray Brands Inc had gone into a financial and commercial partnership with HEXO Corp. The two companies are two of the biggest cannabis companies in the Canadian industry.
It is believed that a partnership of any nature between them is going to help both of them in further boosting their positions in the market. It is also expected to lead to higher efficiencies with regards to production and market competition.
Technical Data
HEXO stock is trading above the 20-Day and 50-Day Moving averages of $0.61 and $0.59 respectively. However, the stock is trading below the 200-Day moving average of $2.07.
