Short Interest in High Tide Inc. (NASDAQ:HITI) Declines By 88.9%

High Tide Inc. (NASDAQ:HITI) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 396,357 shares, a decline of 88.9% from the December 15th total of 3,575,667 shares. Based on an average trading volume of 791,649 shares, the short-interest ratio is currently 0.5 days. Approximately 0.5% of the company’s shares are short sold. Approximately 0.5% of the company’s shares are short sold. Based on an average trading volume of 791,649 shares, the short-interest ratio is currently 0.5 days.

Analyst Ratings Changes

A number of brokerages have commented on HITI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Wednesday, October 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.25 price target on shares of High Tide in a report on Wednesday, September 24th. Finally, Wall Street Zen raised shares of High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $6.13.

High Tide Trading Down 1.7%

NASDAQ HITI traded down $0.05 during trading on Tuesday, hitting $2.67. The company had a trading volume of 95,217 shares, compared to its average volume of 297,332. The company has a current ratio of 1.85, a quick ratio of 1.29 and a debt-to-equity ratio of 0.42. The company has a market cap of $234.09 million, a price-to-earnings ratio of -33.19 and a beta of 0.57. The company’s fifty day moving average is $2.73 and its 200-day moving average is $2.91. High Tide has a one year low of $1.64 and a one year high of $4.06.

Hedge Funds Weigh In On High Tide

Large investors have recently made changes to their positions in the business. Revisor Wealth Management LLC purchased a new stake in High Tide in the second quarter worth approximately $32,000. Centiva Capital LP bought a new position in shares of High Tide during the 3rd quarter valued at $116,000. Bank of America Corp DE grew its holdings in shares of High Tide by 15,484.2% in the third quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock worth $1,527,000 after acquiring an additional 418,074 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in High Tide during the third quarter valued at $248,000. Finally, Boothbay Fund Management LLC bought a new position in High Tide in the second quarter valued at about $110,000. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

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.