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

High Tide Inc. (NASDAQ:HITI) has received a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $6.1250.

HITI has been the subject of several recent research reports. Wall Street Zen cut High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Canaccord Genuity Group upped their price objective on High Tide from $7.00 to $7.25 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. Finally, TD Securities assumed coverage on shares of High Tide in a report on Tuesday, February 24th. They set a “buy” rating for the company.

High Tide Trading Down 2.2%

NASDAQ HITI opened at $2.26 on Friday. High Tide has a 1 year low of $1.64 and a 1 year high of $4.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.43 and a quick ratio of 0.72. The company has a market capitalization of $198.65 million, a PE ratio of -6.65 and a beta of 0.54. The company has a fifty day moving average of $2.42 and a 200 day moving average of $2.82.

High Tide (NASDAQ:HITI) last released its quarterly earnings data on Tuesday, March 17th. The company reported $0.01 earnings per share for the quarter. The business had revenue of $130.88 million during the quarter, compared to analyst estimates 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 forecast that High Tide will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. purchased a new position in High Tide in the 3rd quarter valued at about $8,011,000. Tidal Investments LLC purchased a new stake in High Tide during the 3rd quarter worth approximately $6,030,000. Millennium Management LLC raised its holdings in shares of High Tide by 154.7% during the fourth quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock valued at $2,947,000 after acquiring an additional 675,396 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of High Tide by 35.2% during the fourth quarter. Renaissance Technologies LLC now owns 945,063 shares of the company’s stock valued at $2,504,000 after acquiring an additional 245,863 shares during the last quarter. Finally, Walleye Capital LLC lifted its position in shares of High Tide by 13.6% in the fourth quarter. Walleye Capital LLC now owns 825,338 shares of the company’s stock valued at $2,187,000 after acquiring an additional 98,524 shares in the last quarter. Institutional investors and hedge funds own 4.52% of the company’s stock.

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.