High Tide (NASDAQ:HITI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of High Tide (NASDAQ:HITI) from a hold rating to a buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

Several other brokerages also recently commented on HITI. D. Boral Capital initiated coverage on shares of High Tide in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $5.62.

High Tide Stock Down 1.1%

HITI stock opened at $2.58 on Friday. The stock has a market capitalization of $229.98 million, a P/E ratio of -11.22 and a beta of 0.56. The company has a current ratio of 1.50, a quick ratio of 0.81 and a debt-to-equity ratio of 0.82. High Tide has a 12 month low of $2.02 and a 12 month high of $3.60. The firm has a 50-day moving average price of $2.55 and a 200-day moving average price of $2.40.

High Tide (NASDAQ:HITI) last posted its quarterly earnings results on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. The company had revenue of $141.74 million for 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%. As a group, equities research analysts anticipate that High Tide will post 0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its holdings in High Tide by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock worth $2,445,000 after acquiring an additional 122,569 shares during the last quarter. State of Wyoming bought a new position in shares of High Tide during the first quarter valued at $387,000. AXQ Capital LP bought a new position in shares of High Tide during the second quarter valued at $86,000. Finally, Friday Financial acquired a new position in shares of High Tide during the second quarter worth $29,000. Institutional investors own 4.52% of the company’s stock.

High Tide Company Profile

High Tide Inc is a Canadian cannabis retail and consumer-product company. The company operates adult-use cannabis stores under the Canna Cabana banner and sells cannabis products, accessories and related merchandise through its retail and e-commerce platforms.

High Tide’s retail operations are supported by its Cabana Club loyalty program and Fastendr technology, which is designed to facilitate online ordering and in-store pickup. The company also develops and distributes proprietary cannabis and accessory brands, serving both recreational consumers and medical cannabis customers where permitted by local regulations.

Founded in 2009 and headquartered in Calgary, Alberta, High Tide primarily serves the Canadian cannabis market through its store network and digital channels.