High Tide Inc. (NASDAQ:HITI) Sees Significant Drop in Short Interest

High Tide Inc. (NASDAQ:HITI) was the target of a large decline in short interest in September. As of September 30th, there was short interest totaling 737,996 shares, a decline of 44.4% from the September 15th total of 1,326,387 shares. Based on an average trading volume of 890,146 shares, the short-interest ratio is currently 0.8 days. Approximately 0.9% of the company’s stock are sold short.

Institutional Investors Weigh In On High Tide

Several institutional investors and hedge funds have recently modified their holdings of HITI. TD Waterhouse Canada Inc. boosted its holdings in High Tide by 1,562.4% in the third quarter. TD Waterhouse Canada Inc. now owns 92,462 shares of the company’s stock worth $246,000 after purchasing an additional 86,900 shares in the last quarter. TopTier Wealth Management LLC bought a new position in High Tide during the third quarter valued at about $169,000. AXQ Capital LP bought a new position in High Tide during the second quarter valued at about $86,000. Friday Financial acquired a new stake in shares of High Tide in the second quarter worth about $29,000. Finally, Renaissance Technologies LLC lifted its position in shares of High Tide by 13.0% in the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock worth $2,445,000 after buying an additional 122,569 shares during the last quarter. Institutional investors and hedge funds own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

HITI has been the subject of several recent research reports. D. Boral Capital began coverage on High Tide in a report on Wednesday, July 22nd. They set a “buy” rating and a $4.00 price objective for the company. Wall Street Zen raised High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research note on Thursday. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $5.62.

High Tide Stock Up 0.4%

NASDAQ:HITI traded up $0.01 during mid-day trading on Friday, reaching $2.57. The stock had a trading volume of 673,639 shares, compared to its average volume of 663,159. The business’s 50 day moving average is $2.57 and its 200 day moving average is $2.41. High Tide has a fifty-two week low of $2.02 and a fifty-two week high of $3.50. The stock has a market cap of $229.09 million, a P/E ratio of -11.17 and a beta of 0.56. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.50 and a quick ratio of 0.81.

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

About High Tide

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.