High Tide Inc. (NASDAQ:HITI) Short Interest Down 16.5% in March

High Tide Inc. (NASDAQ:HITI) saw a large drop in short interest in March. As of March 13th, there was short interest totaling 312,851 shares, a drop of 16.5% from the February 26th total of 374,770 shares. Based on an average trading volume of 366,171 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.4% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of brokerages have recently commented on HITI. Canaccord Genuity Group lifted their price target on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research note on Thursday, March 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. TD Securities assumed coverage on shares of High Tide in a research report on Tuesday, February 24th. They set a “buy” rating on the stock. Finally, Wall Street Zen lowered shares of High Tide from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.13.

High Tide Trading Up 3.2%

HITI traded up $0.07 during midday trading on Tuesday, hitting $2.29. 324,488 shares of the company were exchanged, compared to its average volume of 480,054. The firm’s 50 day moving average price is $2.41 and its 200-day moving average price is $2.81. High Tide has a 1-year low of $1.64 and a 1-year high of $4.06. The firm has a market capitalization of $201.29 million, a P/E ratio of -6.74 and a beta of 0.54. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84.

High Tide (NASDAQ:HITI) last issued its quarterly earnings data on Tuesday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%.The company had revenue of $130.88 million during the quarter, compared to the consensus estimate of $173.80 million. As a group, equities analysts forecast that High Tide will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On High Tide

A number of institutional investors have recently modified their holdings of HITI. HRT Financial LP bought a new position in High Tide during the fourth quarter worth $26,000. Osaic Holdings Inc. boosted its position in High Tide by 82,976.9% during the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after acquiring an additional 10,787 shares during the last quarter. StoneX Group Inc. acquired a new stake in High Tide during the 4th quarter worth about $41,000. Spark Investment Management LLC acquired a new stake in High Tide during the 4th quarter worth about $43,000. Finally, Bank of America Corp DE bought a new position in shares of High Tide in the 4th quarter worth about $72,000. 4.52% of the stock is owned by institutional investors.

High Tide Company Profile

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.