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

Shares of High Tide Inc. (NASDAQ:HITI) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $6.1250.

Several equities analysts have commented on HITI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. TD Securities started coverage on High Tide in a research note on Tuesday, February 24th. They issued a “buy” rating on the stock. Canaccord Genuity Group lifted their target price on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a report on Thursday. Finally, Wall Street Zen downgraded High Tide from a “buy” rating to a “hold” rating in a report on Saturday, January 31st.

Institutional Trading of High Tide

Hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its stake in High Tide by 82,976.9% in the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock worth $25,000 after acquiring an additional 10,787 shares during the last quarter. HRT Financial LP acquired a new stake in shares of High Tide in the 4th quarter valued at $26,000. StoneX Group Inc. purchased a new stake in shares of High Tide during the 4th quarter worth $41,000. Spark Investment Management LLC purchased a new stake in shares of High Tide during the 4th quarter worth $43,000. Finally, Bank of America Corp DE acquired a new position in shares of High Tide during the fourth quarter worth $72,000. Institutional investors and hedge funds own 4.52% of the company’s stock.

High Tide Price Performance

HITI opened at $2.24 on Friday. The stock’s 50-day moving average price is $2.45 and its 200 day moving average price is $2.86. High Tide has a 12-month low of $1.64 and a 12-month high of $4.06. The firm has a market cap of $196.90 million, a price-to-earnings ratio of -6.59 and a beta of 0.54. The company has a current ratio of 1.43, a quick ratio of 0.70 and a debt-to-equity ratio of 0.84.

High Tide (NASDAQ:HITI) last issued its quarterly earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.58%. The business had revenue of $130.88 million for the quarter, compared to analysts’ expectations of $173.80 million. As a group, sell-side analysts expect that High Tide will post -0.04 earnings per share 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.