Wall Street Zen Upgrades High Tide (NASDAQ:HITI) to “Buy”

High Tide (NASDAQ:HITI) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research report on Friday, July 17th. D. Boral Capital initiated coverage on High Tide in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, High Tide has an average rating of “Moderate Buy” and an average target price of $5.62.

High Tide Price Performance

HITI opened at $2.58 on Friday. The firm has a market cap of $229.59 million, a price-to-earnings ratio of -11.22 and a beta of 0.62. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.81 and a current ratio of 1.50. The firm’s 50-day simple moving average is $2.37 and its 200-day simple moving average is $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 announced its quarterly earnings results on Monday, September 14th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. The firm had revenue of $141.74 million during the quarter, compared to the consensus estimate of $138.97 million. High Tide had a negative net margin of 4.73% and a positive return on equity of 5.13%. Equities research analysts anticipate that High Tide will post 0.07 EPS for the current fiscal year.

Institutional Trading of High Tide

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

About High Tide

High Tide Inc is a Canadian cannabis company focused on the retail and sale of cannabis products and consumption accessories. Its retail operations are conducted primarily under the Canna Cabana brand, while its digital platforms support online shopping, customer engagement and loyalty programs.

The company offers a range of products, including dried cannabis, pre-rolls, cannabis oils, edibles, beverages and other cannabis formats, subject to applicable regulations. Through related brands and platforms, High Tide also sells smoking accessories and other products designed for cannabis consumers.

Founded in 2009, High Tide is headquartered in Calgary, Alberta, and serves Canadian consumers through its retail network and e-commerce operations.