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

Shares of High Tide Inc. (NASDAQ:HITI) have received a consensus recommendation of “Moderate Buy” from the five analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $5.6250.

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research report on Friday, July 17th. D. Boral Capital assumed coverage on shares of High Tide in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 target price for the company.

Hedge Funds Weigh In On High Tide

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Friday Financial bought a new position in High Tide in the 2nd quarter worth approximately $29,000. Renaissance Technologies LLC raised its stake in High Tide by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock valued at $2,445,000 after acquiring an additional 122,569 shares in the last quarter. State of Wyoming bought a new stake in High Tide during the 1st quarter valued at $387,000. NewEdge Advisors LLC bought a new stake in High Tide during the 4th quarter valued at $129,000. Finally, XTX Topco Ltd boosted its position in High Tide by 35.8% during the 4th quarter. XTX Topco Ltd now owns 42,606 shares of the company’s stock worth $113,000 after acquiring an additional 11,222 shares during the period. 4.52% of the stock is currently owned by institutional investors and hedge funds.

High Tide Stock Up 1.3%

Shares of High Tide stock opened at $2.35 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 0.66. High Tide has a 1-year low of $2.02 and a 1-year high of $4.06. The business has a 50-day moving average of $2.24 and a 200-day moving average of $2.34. The company has a market capitalization of $206.75 million, a PE ratio of -7.58 and a beta of 0.62.

High Tide (NASDAQ:HITI) last announced its quarterly earnings data on Monday, June 15th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.03. High Tide had a negative net margin of 6.62% and a positive return on equity of 3.59%. The company had revenue of $132.02 million during the quarter, compared to analyst estimates of $125.93 million. As a group, equities analysts forecast that High Tide will post 0.03 EPS for the current fiscal year.

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.