Canaccord Genuity Group Forecasts Strong Price Appreciation for High Tide (NASDAQ:HITI) Stock

High Tide (NASDAQ:HITI) had its price target boosted by Canaccord Genuity Group from $7.00 to $7.25 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 214.53% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a report on Thursday, January 22nd. TD Securities began coverage on shares of High Tide in a research note on Tuesday, February 24th. They issued a “buy” rating on the stock. Finally, Wall Street Zen cut 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 issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, High Tide has a consensus rating of “Moderate Buy” and a consensus price target of $6.13.

High Tide Trading Down 5.9%

Shares of HITI traded down $0.15 during trading hours on Thursday, reaching $2.31. The stock had a trading volume of 713,525 shares, compared to its average volume of 470,456. The company has a market cap of $202.61 million, a P/E ratio of -6.75 and a beta of 0.54. High Tide has a 52 week low of $1.64 and a 52 week high of $4.06. The company has a quick ratio of 0.70, a current ratio of 1.37 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average of $2.47 and a 200 day moving average of $2.87.

High Tide (NASDAQ:HITI) last posted its earnings results 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 0.55% and a negative net margin of 7.53%.The firm had revenue of $130.88 million during the quarter, compared to analysts’ expectations of $173.80 million. On average, sell-side analysts expect that High Tide will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of High Tide

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hillsdale Investment Management Inc. bought a new position in shares of High Tide during the 3rd quarter worth approximately $8,011,000. Tidal Investments LLC bought a new stake in High Tide in the 3rd quarter valued at $6,030,000. Millennium Management LLC lifted its holdings in High Tide by 154.7% during the 4th quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock valued at $2,947,000 after purchasing an additional 675,396 shares during the last quarter. Renaissance Technologies LLC boosted its position in High Tide by 35.2% during the fourth quarter. Renaissance Technologies LLC now owns 945,063 shares of the company’s stock worth $2,504,000 after purchasing an additional 245,863 shares during the period. Finally, Walleye Capital LLC boosted its position in High Tide by 13.6% during the fourth quarter. Walleye Capital LLC now owns 825,338 shares of the company’s stock worth $2,187,000 after purchasing an additional 98,524 shares during the period. Institutional investors own 4.52% of the company’s stock.

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.