Short Interest in High Tide Inc. (NASDAQ:HITI) Drops By 33.4%

High Tide Inc. (NASDAQ:HITI) saw a large decline in short interest during the month of January. As of January 15th, there was short interest totaling 264,016 shares, a decline of 33.4% from the December 31st total of 396,357 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average trading volume of 324,342 shares, the short-interest ratio is presently 0.8 days. Based on an average trading volume of 324,342 shares, the short-interest ratio is presently 0.8 days. Approximately 0.3% of the company’s shares are sold short.

Institutional Trading of High Tide

Several hedge funds and other institutional investors have recently modified their holdings of HITI. Millennium Management LLC grew its holdings in shares of High Tide by 628.3% in the third quarter. Millennium Management LLC now owns 436,608 shares of the company’s stock worth $1,585,000 after purchasing an additional 376,659 shares during the last quarter. Centiva Capital LP bought a new position in High Tide in the 3rd quarter valued at approximately $116,000. Bank of America Corp DE raised its holdings in shares of High Tide by 15,484.2% during the third quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock valued at $1,527,000 after purchasing an additional 418,074 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of High Tide in the 3rd quarter worth approximately $248,000. Finally, Boothbay Fund Management LLC purchased a new stake in High Tide in the second quarter worth about $110,000. Institutional investors own 4.52% of the company’s stock.

High Tide Price Performance

Shares of NASDAQ:HITI traded down $0.20 during trading on Friday, hitting $2.23. 1,193,433 shares of the company were exchanged, compared to its average volume of 379,013. The business’s 50 day moving average is $2.64 and its 200-day moving average is $2.92. The company has a market capitalization of $196.10 million, a P/E ratio of -6.03 and a beta of 0.57. High Tide has a 1-year low of $1.64 and a 1-year high of $4.06. The company has a quick ratio of 1.29, a current ratio of 1.85 and a debt-to-equity ratio of 0.42.

High Tide (NASDAQ:HITI) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates of $0.01. High Tide had a negative net margin of 8.68% and a negative return on equity of 2.20%. The company had revenue of $117.02 million for the quarter, compared to analyst estimates of $158.91 million. Equities analysts forecast that High Tide will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on HITI. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. Wall Street Zen lowered High Tide from a “buy” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, High Tide currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.13.

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.