2022 has not been a particularly bad year for the cannabis sector but some companies have continued to be laggards and many investors avoid such stocks. One such company is Hexo (NASDAQ:HEXO). It has continued to be an avoidable stock for most investors and it can be easily gauged from the fact that the Hexo stock has slumped by as much as 60% so far this year.
Trading Data
On Tuesday, FBCD stock soared 25% to $0.0005 with more than 52.20 million shares, compared to a volume of 19.72 million shares. The stock moved within a range of $0.0003 – 0.0005 after opening trade at $0.0004.
Key Details
As it happens, the company is also taking steps that is almost certainly going to make its stock even more unpopular among investors. Due to the improving situation in the cannabis industry, it recently emerged that Hexo was trying to cash in on the trend through the issuance of more equity.
Hexo noted that it was going to offer fresh equity for the purpose of raising as much as $40 million. Hence, it is clear to see that the market remains adamant with regard to its opinion about the stock. It may also be a case of the fact that investors believe that despite the company being in the doldrums its management is refusing to display the necessarily responsible behavior that could bring about a reversal in fortunes for the stock in the near term.
Technical Data
HEXO stock is trading below the 20-Day and 50-Day Moving averages of $0.33 and $0.47 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.15.
