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

High Tide Inc. (NASDAQ:HITI) has received an average recommendation of “Moderate Buy” from the five analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $6.1250.

A number of analysts recently weighed in on the company. Canaccord Genuity Group lifted their price target on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research note on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. TD Securities began coverage on High Tide in a report on Tuesday, February 24th. They issued a “buy” rating for the company. Finally, Wall Street Zen lowered shares of High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st.

High Tide Price Performance

Shares of NASDAQ:HITI opened at $2.38 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84. The company has a market cap of $209.20 million, a P/E ratio of -7.00 and a beta of 0.57. High Tide has a 52 week low of $2.10 and a 52 week high of $4.06. The company has a 50-day moving average price of $2.39 and a 200 day moving average price of $2.66.

High Tide (NASDAQ:HITI) last released its earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter. The company had revenue of $130.88 million for the quarter, compared to analysts’ expectations of $173.80 million. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%. Research analysts predict that High Tide will post 0.03 earnings per share for the current year.

Institutional Trading of High Tide

Several hedge funds and other institutional investors have recently made changes to their positions in HITI. HRT Financial LP acquired a new position in High Tide during the fourth quarter worth about $26,000. Osaic Holdings Inc. lifted its position in shares of High Tide by 82,976.9% during the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after acquiring an additional 10,787 shares during the period. StoneX Group Inc. acquired a new stake in shares of High Tide during the 4th quarter valued at approximately $41,000. Spark Investment Management LLC purchased a new stake in shares of High Tide during the 4th quarter worth approximately $43,000. Finally, Bank of America Corp DE purchased a new stake in shares of High Tide during the 4th quarter worth approximately $72,000. Institutional investors and hedge funds 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.