High Tide (NASDAQ:HITI) Raised to Buy at Wall Street Zen

High Tide (NASDAQ:HITI) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

HITI has been the topic of several other reports. D. Boral Capital initiated coverage on High Tide in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.62.

High Tide Price Performance

Shares of High Tide stock opened at $2.61 on Friday. High Tide has a twelve month low of $2.02 and a twelve month high of $3.63. The stock has a market capitalization of $232.66 million, a P/E ratio of -11.35 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. The business’s fifty day moving average price is $2.54 and its 200 day moving average price is $2.40.

High Tide (NASDAQ:HITI) last posted its quarterly earnings results on Monday, September 14th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. The firm had revenue of $141.74 million during the quarter, compared to the consensus estimate of $138.97 million. High Tide had a positive return on equity of 5.13% and a negative net margin of 4.73%. As a group, research analysts anticipate that High Tide will post 0.09 earnings per share for the current year.

Institutional Trading of High Tide

A number of institutional investors have recently added to or reduced their stakes in the business. AXQ Capital LP acquired a new stake in High Tide in the 2nd quarter valued at $86,000. Friday Financial acquired a new position in shares of High Tide during the second quarter worth about $29,000. Renaissance Technologies LLC lifted its stake in shares of 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 in the last quarter. Finally, State of Wyoming acquired a new position in shares of High Tide during the first quarter worth about $387,000. 4.52% of the stock is owned by hedge funds and other institutional investors.

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.