High Tide (NASDAQ:HITI) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of High Tide (NASDAQ:HITI) from a buy rating to a hold rating in a report issued on Saturday morning.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, High Tide has an average rating of “Moderate Buy” and an average price target of $6.13.

High Tide Price Performance

High Tide stock opened at $2.23 on Friday. The stock’s 50 day moving average is $2.64 and its 200 day moving average is $2.92. High Tide has a one year low of $1.64 and a one year high of $4.06. The firm has a market cap of $196.11 million, a P/E ratio of -6.03 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.85 and a quick ratio of 1.29.

High Tide (NASDAQ:HITI) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $117.02 million during the quarter, compared to analyst estimates of $158.91 million. High Tide had a negative net margin of 8.68% and a negative return on equity of 2.20%. As a group, research analysts expect that High Tide will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of HITI. Bank of America Corp DE bought a new stake in High Tide in the fourth quarter valued at $72,000. AdvisorShares Investments LLC boosted its position in shares of High Tide by 2.2% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,475,990 shares of the company’s stock worth $3,395,000 after purchasing an additional 31,340 shares in the last quarter. StoneX Group Inc. acquired a new stake in shares of High Tide in the 2nd quarter valued at about $46,000. Murchinson Ltd. bought a new stake in High Tide in the 2nd quarter valued at about $398,000. Finally, Boothbay Fund Management LLC acquired a new position in High Tide during the 2nd quarter worth approximately $110,000. 4.52% of the stock is owned by 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.