High Tide Inc. (NASDAQ:HITI) Short Interest Update

High Tide Inc. (NASDAQ:HITI) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 1,326,387 shares, an increase of 78.2% from the August 31st total of 744,306 shares. Based on an average daily volume of 920,194 shares, the short-interest ratio is presently 1.4 days. Currently, 1.7% of the shares of the stock are sold short.

High Tide Trading Down 2.5%

Shares of High Tide stock traded down $0.07 on Wednesday, reaching $2.73. The company had a trading volume of 1,237,352 shares, compared to its average volume of 869,874. The firm’s 50 day moving average price is $2.45 and its two-hundred day moving average price is $2.38. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.81 and a current ratio of 1.50. High Tide has a 52-week low of $2.02 and a 52-week high of $3.80. The firm has a market cap of $243.35 million, a PE ratio of 56.00 and a beta of 0.62.

High Tide (NASDAQ:HITI) last posted its quarterly earnings data on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. The firm had revenue of $141.74 million during the quarter, compared to analysts’ expectations of $138.97 million. High Tide had a negative net margin of 4.73% and a positive return on equity of 5.13%. Sell-side analysts predict that High Tide will post 0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

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

Analyst Upgrades and Downgrades

HITI has been the subject of several research reports. D. Boral Capital began coverage on High Tide in a research note on Wednesday, July 22nd. They set a “buy” rating and a $4.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a report on Friday, July 17th. Finally, Wall Street Zen cut shares of High Tide from a “buy” rating to a “hold” rating in a research report on Sunday. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, High Tide has an average rating of “Moderate Buy” and a consensus target price of $5.62.

High Tide Company Profile

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.