High Tide (NASDAQ:HITI) Stock Price Up 0.4% – Here’s Why

High Tide Inc. (NASDAQ:HITI)’s share price was up 0.4% during trading on Monday . The company traded as high as $2.67 and last traded at $2.62. Approximately 568,180 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 451,616 shares. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HITI. Canaccord Genuity Group reissued a “buy” rating and issued a $7.25 price target on shares of High Tide in a report on Wednesday, September 24th. Wall Street Zen raised shares of High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Wednesday, October 8th. Finally, Haywood Securities raised shares of High Tide to a “strong-buy” rating in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.13.

High Tide Trading Up 0.4%

The company has a current ratio of 1.85, a quick ratio of 1.29 and a debt-to-equity ratio of 0.42. The stock has a 50-day simple moving average of $3.16 and a 200 day simple moving average of $2.82. The company has a market cap of $228.58 million, a price-to-earnings ratio of -32.75 and a beta of 0.56.

High Tide (NASDAQ:HITI) last announced its quarterly earnings data on Monday, September 15th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.02. High Tide had a negative return on equity of 6.50% and a negative net margin of 1.66%.The firm had revenue of $108.04 million during the quarter, compared to analysts’ expectations of $146.00 million. As a group, equities research analysts predict that High Tide Inc. will post -0.04 EPS for the current fiscal year.

Institutional Trading of High Tide

Institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. boosted its holdings in shares of High Tide by 82,976.9% in the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after acquiring an additional 10,787 shares during the last quarter. Revisor Wealth Management LLC purchased a new position in shares of High Tide during the second quarter worth $32,000. StoneX Group Inc. acquired a new position in High Tide during the second quarter valued at $46,000. Bank of America Corp DE purchased a new stake in High Tide in the fourth quarter valued at $72,000. Finally, Boothbay Fund Management LLC acquired a new stake in High Tide during the 2nd quarter worth about $110,000. 4.52% of the stock is currently owned by institutional investors and hedge funds.

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.