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

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

Several equities analysts have commented on HITI shares. Wall Street Zen downgraded shares of High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. Finally, TD Securities started coverage on High Tide in a research note on Tuesday. They issued a “buy” rating on the stock.

High Tide Price Performance

NASDAQ HITI opened at $2.53 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 1.37 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $222.36 million, a PE ratio of -6.84 and a beta of 0.57. High Tide has a 12-month low of $1.64 and a 12-month high of $4.06. The company has a 50 day moving average price of $2.54 and a two-hundred day moving average price of $2.94.

High Tide (NASDAQ:HITI) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. High Tide had a negative net margin of 8.68% and a negative return on equity of 2.37%. The company had revenue of $117.02 million for the quarter, compared to analyst estimates of $158.91 million. As a group, equities analysts predict that High Tide will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of High Tide

Large investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new position in High Tide in the 3rd quarter worth $8,011,000. Millennium Management LLC grew its position in shares of High Tide by 154.7% in the fourth quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock valued at $2,947,000 after purchasing an additional 675,396 shares during the last quarter. XTX Topco Ltd grew its position in shares of High Tide by 35.8% in the fourth quarter. XTX Topco Ltd now owns 42,606 shares of the company’s stock valued at $113,000 after purchasing an additional 11,222 shares during the last quarter. Spark Investment Management LLC bought a new position in shares of High Tide in the fourth quarter worth about $43,000. Finally, NewEdge Advisors LLC acquired a new position in shares of High Tide during the 4th quarter worth about $129,000. 4.52% of the stock is owned by institutional investors.

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.