Walleye Capital LLC Reduces Stock Holdings in High Tide Inc. $HITI

Walleye Capital LLC lowered its holdings in High Tide Inc. (NASDAQ:HITI) by 62.3% during the first quarter, Holdings Channel reports. The fund owned 310,915 shares of the company’s stock after selling 514,423 shares during the quarter. Walleye Capital LLC’s holdings in High Tide were worth $712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in HITI. Tidal Investments LLC purchased a new position in shares of High Tide during the third quarter worth $6,030,000. Millennium Management LLC boosted its holdings in High Tide by 154.7% in the fourth quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock valued at $2,947,000 after purchasing an additional 675,396 shares during the last quarter. Bank of America Corp DE grew its position in High Tide by 15,484.2% during the 3rd quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock worth $1,527,000 after purchasing an additional 418,074 shares during the period. Two Sigma Investments LP grew its position in High Tide by 452.5% during the 3rd quarter. Two Sigma Investments LP now owns 471,727 shares of the company’s stock worth $1,712,000 after purchasing an additional 386,340 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of High Tide by 35.2% during the 4th quarter. Renaissance Technologies LLC now owns 945,063 shares of the company’s stock valued at $2,504,000 after buying an additional 245,863 shares during the last quarter. Hedge funds and other institutional investors own 4.52% of the company’s stock.

High Tide Stock Performance

HITI opened at $2.15 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 0.66. The firm has a fifty day moving average price of $2.29 and a 200 day moving average price of $2.39. High Tide Inc. has a 1 year low of $2.09 and a 1 year high of $4.06. The stock has a market cap of $188.92 million, a P/E ratio of -6.94 and a beta of 0.59.

High Tide (NASDAQ:HITI) last announced its quarterly earnings results on Monday, June 15th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The firm had revenue of $132.02 million for the quarter, compared to the consensus estimate of $125.93 million. High Tide had a negative net margin of 6.62% and a positive return on equity of 3.59%. Equities research analysts anticipate that High Tide Inc. will post 0.03 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on HITI. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a report on Friday, July 17th. D. Boral Capital began coverage on High Tide in a report on Wednesday. They set a “buy” rating and a $4.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.62.

About High Tide

High Tide Inc (NASDAQ: HITI) is an omnichannel retailer and branded consumer packaged goods company serving the regulated cannabis market. The company operates a network of licensed cannabis retail stores across Canada, offering a curated assortment of cannabis flower, pre-rolls, vapes and lifestyle accessories. In parallel, High Tide maintains an e-commerce platform that delivers hemp-derived products, vaporizers, glassware and other ancillary goods to consumers in multiple jurisdictions.

Within Canada, High Tide’s retail division includes banners such as Canna Cabana, Meta Cannabis Supply Co and The Hunny Pot, each designed to provide differentiated in-store experiences.