Why Shares of Hexo Dropped More Than 8% on Tuesday
Canadian cannabis company Hexo (NASDAQ: HEXO) dropped more than 8% on Tuesday, continuing a recent trend. The stock is down more than 64% for the year and over the past month, it has fallen more than 28%. On Tuesday, the stock opened at $1.39, then fell to $1.29 in early trading, reaching its 52-week low.
Several factors are contributing to the stock's doldrums. On Friday, it released its fourth-quarter earnings and full-year earnings report, and while it reported full-year revenue of $123.5 million, up 53% year over year, the company lost $67.9 million in the quarter, compared to $20.7 million in the prior quarter. For the year, the company reported a loss of $113.6 million and an accumulated deficit of $773,993.
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Source Fool.com
