Brokerages Set High Tide Inc. (NASDAQ:HITI) Price Target at $5.62

High Tide Inc. (NASDAQ:HITI) has been given an average rating of “Moderate Buy” by the four ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $5.6250.

Several research firms recently issued reports on HITI. D. Boral Capital began coverage on High Tide in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research report on Friday, July 17th.

Institutional Investors Weigh In On High Tide

A number of institutional investors and hedge funds have recently modified their holdings of the company. Friday Financial purchased a new stake in High Tide in the second quarter valued at approximately $29,000. Spark Investment Management LLC acquired a new stake in High Tide during the 4th quarter valued at approximately $43,000. AXQ Capital LP acquired a new stake in High Tide during the 2nd quarter valued at approximately $86,000. State of Wyoming purchased a new stake in shares of High Tide in the 1st quarter valued at $387,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of High Tide by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock valued at $2,445,000 after acquiring an additional 122,569 shares during the last quarter. Institutional investors and hedge funds own 4.52% of the company’s stock.

High Tide Stock Performance

Shares of High Tide stock opened at $2.69 on Thursday. The firm has a market capitalization of $239.38 million, a P/E ratio of -11.70 and a beta of 0.62. The company has a quick ratio of 0.66, a current ratio of 1.50 and a debt-to-equity ratio of 0.82. The company has a 50 day moving average price of $2.35 and a 200 day moving average price of $2.37. High Tide has a 52 week low of $2.02 and a 52 week high of $4.06.

High Tide (NASDAQ:HITI) last released its earnings results on Monday, June 15th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.03. The company had revenue of $132.02 million for the quarter, compared to the consensus estimate of $125.93 million. High Tide had a negative net margin of 4.73% and a positive return on equity of 5.13%. Sell-side analysts expect that High Tide will post 0.03 EPS for the current year.

About High Tide

High Tide Inc is a Canadian cannabis company focused on the retail and sale of cannabis products and consumption accessories. Its retail operations are conducted primarily under the Canna Cabana brand, while its digital platforms support online shopping, customer engagement and loyalty programs.

The company offers a range of products, including dried cannabis, pre-rolls, cannabis oils, edibles, beverages and other cannabis formats, subject to applicable regulations. Through related brands and platforms, High Tide also sells smoking accessories and other products designed for cannabis consumers.

Founded in 2009, High Tide is headquartered in Calgary, Alberta, and serves Canadian consumers through its retail network and e-commerce operations.