High Tide Inc. (NASDAQ:HITI) Given Average Rating of “Moderate Buy” by Brokerages

High Tide Inc. (NASDAQ:HITI) has received an average recommendation of “Moderate Buy” from the five ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $6.1250.

A number of research analysts have commented on the stock. TD Securities assumed coverage on shares of High Tide in a research report on Tuesday, February 24th. They issued a “buy” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research report on Tuesday, April 21st. Finally, Canaccord Genuity Group upped their target price on shares of High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research report on Thursday, March 19th.

High Tide Price Performance

High Tide stock opened at $2.32 on Thursday. High Tide has a 52-week low of $2.10 and a 52-week high of $4.06. The firm has a market capitalization of $203.93 million, a price-to-earnings ratio of -6.82 and a beta of 0.58. The company has a fifty day simple moving average of $2.39 and a 200-day simple moving average of $2.50. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84.

High Tide (NASDAQ:HITI) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share for the quarter. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.58%. The firm had revenue of $130.88 million for the quarter, compared to analysts’ expectations of $173.80 million. On average, equities analysts anticipate that High Tide will post 0.03 EPS for the current fiscal year.

Institutional Trading of High Tide

Several hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its position in shares of High Tide by 13.0% during the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock worth $2,445,000 after purchasing an additional 122,569 shares in the last quarter. State of Wyoming acquired a new stake in shares of High Tide during the first quarter worth about $387,000. NewEdge Advisors LLC acquired a new stake in shares of High Tide during the fourth quarter worth about $129,000. XTX Topco Ltd lifted its position in shares of High Tide by 35.8% during the fourth quarter. XTX Topco Ltd now owns 42,606 shares of the company’s stock worth $113,000 after purchasing an additional 11,222 shares in the last quarter. Finally, Oxford Asset Management LLP acquired a new stake in shares of High Tide during the fourth quarter worth about $123,000. 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.