Hexo Corp (NYSE:HEXO) Stock Continues to Slump: Down Another 30% In a Week
Hexo Corp (NYSE:HEXO) fell 3% and 31% last week after the company announced the resignation of Sebastien St.-Louisfrom its Board of Directors.
Market Stats
On Friday, HEXO stock fell 3.03% at $1.28 with more than 12.48 million shares, compared to its average volume of 9.74 million shares. The stock has moved within a range of $1.2600 – 1.3996 after opening trading at $1.40.
HEXO Announces Changes to its Board of Directors
Following Sebastien St.-Louis’ resignation, the company has appointed CEO and President Scott Cooper as a director replacing him effective November 18, 2021. Board Chairman Dr. Michael Munzar thanked Sebastein for the more than eight years he has served the Hexo Board. Munzar said that through Sebastien’s years of dedication, the company has grown to be a market leader in the cannabis sector in Canada.
Also, Munzar commented that they are delighted to welcome Scott Cooper to the Hexo board of Directors. He explained that Cooper’s experience with Truss, Molson Coors, and other public consumer products companies would be instrumental to the success of Hexo as the company continues to drive growth and enhance profitability by commercializing advanced cannabis offerings and protecting its position in the Canadian market. Therefore, HEXO is worth watching in the coming months.
Key Quote
“I would like to take this opportunity to thank Sebastien for over eight years of service on HEXO’s Board of Directors. Through his years of dedication, he has helped build HEXO into a market leader in Canada.” said Dr. Michael Munzar, Chair of the Board.
Traders Corner
HEXO stock is below the 20-Day and 50-Day Moving averages of $1.55 and $1.73 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.69. The stock is down 34% in the past month.
