High Tide Inc. (NASDAQ:HITI) Given Average Rating of “Moderate Buy” by Analysts

Shares of High Tide Inc. (NASDAQ:HITI) have received an average rating of “Moderate Buy” from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $6.1250.

Several brokerages have weighed in on HITI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research report on Tuesday, April 21st. TD Securities began coverage on High Tide in a research report on Tuesday, February 24th. They issued a “buy” rating on the stock. Finally, Canaccord Genuity Group increased their target price on High Tide from $7.00 to $7.25 and gave the stock a “buy” rating in a research report on Thursday, March 19th.

High Tide Stock Performance

Shares of HITI opened at $2.32 on Thursday. The business’s fifty day moving average price is $2.39 and its 200 day moving average price is $2.49. High Tide has a 12-month low of $2.10 and a 12-month high of $4.06. The stock has a market capitalization of $203.93 million, a PE ratio of -6.82 and a beta of 0.58. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.43 and a quick ratio of 0.72.

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

Institutional Investors Weigh In On High Tide

Several large investors have recently added to or reduced their stakes in HITI. Bank of America Corp DE acquired a new position in shares of High Tide during the fourth quarter valued at $72,000. StoneX Group Inc. acquired a new position in shares of High Tide during the second quarter valued at $46,000. Murchinson Ltd. acquired a new position in shares of High Tide during the second quarter valued at $398,000. Boothbay Fund Management LLC acquired a new position in shares of High Tide during the second quarter valued at $110,000. Finally, Osaic Holdings Inc. increased its holdings in shares of High Tide by 82,976.9% during the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after purchasing an additional 10,787 shares during the period. 4.52% of the stock is owned by institutional investors and hedge funds.

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.