Roth Capital Reiterates “Buy” Rating for High Tide (NASDAQ:HITI)

Roth Capital reaffirmed their buy rating on shares of High Tide (NASDAQ:HITI) in a research report report published on Wednesday,Benzinga reports. They currently have a $5.00 price target on the stock, up from their prior price target of $4.50.

High Tide Trading Down 2.2%

NASDAQ:HITI opened at $2.20 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.57 and a quick ratio of 0.95. The firm has a 50-day moving average of $2.30 and a 200-day moving average of $2.57. The company has a market cap of $178.29 million, a PE ratio of -27.50 and a beta of 0.52. High Tide has a one year low of $1.57 and a one year high of $3.62.

High Tide (NASDAQ:HITI) last posted its earnings results on Monday, June 16th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The business had revenue of $99.86 million for the quarter, compared to the consensus estimate of $138.50 million. High Tide had a negative return on equity of 6.45% and a negative net margin of 1.71%. As a group, equities research analysts expect that High Tide will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On High Tide

Hedge funds and other institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership purchased a new position in High Tide during the fourth quarter worth about $1,605,000. Two Sigma Investments LP boosted its holdings in High Tide by 146.0% during the fourth quarter. Two Sigma Investments LP now owns 311,304 shares of the company’s stock worth $962,000 after purchasing an additional 184,780 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in High Tide by 142.4% during the fourth quarter. Renaissance Technologies LLC now owns 839,600 shares of the company’s stock worth $2,594,000 after purchasing an additional 493,300 shares during the last quarter. Jane Street Group LLC boosted its holdings in High Tide by 50.6% during the fourth quarter. Jane Street Group LLC now owns 53,089 shares of the company’s stock worth $163,000 after purchasing an additional 17,837 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in High Tide by 755.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 240,288 shares of the company’s stock worth $738,000 after purchasing an additional 212,197 shares during the last quarter. 4.52% of the stock is owned by institutional investors.

High Tide Company Profile

High Tide Inc engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Retail and Wholesale segments. It operates licensed retail cannabis stores; and provides data analytics services. In addition, the company manufactures and distributes consumption accessories.