High Tide (NASDAQ:HITI) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of High Tide (NASDAQ:HITI) from a hold rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on the company. D. Boral Capital began coverage on High Tide in a report on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, High Tide currently has an average rating of “Moderate Buy” and an average price target of $5.62.

High Tide Price Performance

HITI stock opened at $2.61 on Friday. The stock has a market capitalization of $232.66 million, a price-to-earnings ratio of -11.35 and a beta of 0.56. The firm’s 50-day moving average price is $2.54 and its two-hundred day moving average price is $2.40. The company has a current ratio of 1.50, a quick ratio of 0.81 and a debt-to-equity ratio of 0.82. High Tide has a 12-month low of $2.02 and a 12-month high of $3.63.

High Tide (NASDAQ:HITI) last posted its earnings results on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. The company had revenue of $141.74 million during the quarter, compared to analyst estimates of $138.97 million. High Tide had a negative net margin of 4.73% and a positive return on equity of 5.13%. As a group, equities analysts predict that High Tide will post 0.09 earnings per share for the current year.

Hedge Funds Weigh In On High Tide

Several large investors have recently made changes to their positions in HITI. AXQ Capital LP purchased a new stake in shares of High Tide in the 2nd quarter worth approximately $86,000. Friday Financial bought a new position in High Tide in the 2nd quarter worth about $29,000. Renaissance Technologies LLC boosted its stake in High Tide by 13.0% in the 1st 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. Finally, State of Wyoming purchased a new stake in High Tide during the 1st quarter valued at about $387,000. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

About High Tide

High Tide Inc is a Canadian cannabis retail and consumer-product company. The company operates adult-use cannabis stores under the Canna Cabana banner and sells cannabis products, accessories and related merchandise through its retail and e-commerce platforms.

High Tide’s retail operations are supported by its Cabana Club loyalty program and Fastendr technology, which is designed to facilitate online ordering and in-store pickup. The company also develops and distributes proprietary cannabis and accessory brands, serving both recreational consumers and medical cannabis customers where permitted by local regulations.

Founded in 2009 and headquartered in Calgary, Alberta, High Tide primarily serves the Canadian cannabis market through its store network and digital channels.