Why Hexo Stock Was Down 11.8% This Week
Shares of Canadian cannabis company Hexo (NASDAQ: HEXO) (TSX:HEXO) dropped 11.8% this week, according to data from S&P Global Market Intelligence. The stock, which closed at $0.9531 last Friday, fell to as low as $0.78 a share on Wednesday, its lowest point in two years. The stock's 52-week high is $11.04 per share and it's down more than 77% so far this year.
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There are plenty of concerns regarding Hexo stock, not the least of which is the threat of it being delisted from the Nasdaq, as the stock has been mired under $1 a share for most of the month. Last year, the company, which was then on the New York Stock Exchange, was in a similar position before it did a 4-for-1 reverse split to raise its share price.
Source Fool.com
