Hexagon Composites ASA (OTCMKTS:HXGCF) Stock Falls 10.2% – Here’s Why

Shares of Hexagon Composites ASA (OTCMKTS:HXGCF) were down 10.2% on Friday. The stock traded as low as $1.27 and last traded at $1.27. Approximately 4,000 shares were traded during mid-day trading, a decline of 71% from the average session volume of 13,642 shares. The stock had previously closed at $1.4150.

Wall Street Analyst Weigh In

Separately, Pareto Securities upgraded shares of Hexagon Composites ASA from a “hold” rating to a “buy” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Buy rating. Based on data from MarketBeat, Hexagon Composites ASA presently has an average rating of “Buy”.

Hexagon Composites ASA Stock Performance

The business’s 50 day simple moving average is $1.39 and its two-hundred day simple moving average is $1.16.

About Hexagon Composites ASA

Hexagon Composites ASA is a Norway-based technology company that develops and manufactures lightweight composite pressure cylinders and systems for the storage, transportation and distribution of compressed gases. Its solutions are designed for applications involving compressed natural gas, renewable natural gas, hydrogen and other industrial gases, with an emphasis on reducing weight and emissions compared with conventional metal systems.

The company serves several markets through businesses focused on composite cylinders, mobile gas transportation and vehicle fuel systems.