High Tide Inc. (NASDAQ:HITI) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of High Tide Inc. (NASDAQ:HITI) have received an average recommendation of “Moderate Buy” from the four ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $5.6250.

Several research firms recently commented on HITI. D. Boral Capital began coverage on High Tide in a research report on Wednesday, July 22nd. They set a “buy” rating and a $4.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research report on Friday, July 17th.

Institutional Trading of High Tide

A number of hedge funds have recently bought and sold shares of the company. Friday Financial purchased a new position in shares of High Tide in the second quarter worth about $29,000. Spark Investment Management LLC purchased a new stake in shares of High Tide during the fourth quarter valued at approximately $43,000. AXQ Capital LP purchased a new stake in shares of High Tide during the second quarter valued at approximately $86,000. Renaissance Technologies LLC boosted its position in High Tide by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock valued at $2,445,000 after buying an additional 122,569 shares during the period. Finally, State of Wyoming bought a new stake in High Tide in the 1st quarter worth $387,000. Institutional investors own 4.52% of the company’s stock.

High Tide Price Performance

HITI opened at $2.63 on Thursday. The company has a market capitalization of $233.81 million, a price-to-earnings ratio of -8.48 and a beta of 0.62. The company has a quick ratio of 0.66, a current ratio of 1.46 and a debt-to-equity ratio of 0.89. The firm has a 50-day moving average price of $2.34 and a 200-day moving average price of $2.37. High Tide has a twelve month low of $2.02 and a twelve month high of $4.06.

High Tide (NASDAQ:HITI) last posted its earnings results on Monday, September 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. High Tide had a positive return on equity of 3.59% and a negative net margin of 6.62%.The firm had revenue of $141.74 million for the quarter, compared to the consensus estimate of $138.97 million. Equities analysts expect that High Tide will post 0.03 EPS for the current year.

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.