High Tide (NASDAQ:HITI) Stock Dropped to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen downgraded High Tide from “Buy” to “Hold,” while analyst opinions remain mixed. MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $5.62.
• High Tide reported quarterly EPS of $0.09, exceeding the $0.01 analyst consensus, while revenue of $141.74 million also topped estimates of $138.97 million. The company nevertheless posted a negative net margin of 4.73%.
• Shares opened at $2.79, compared with a 52-week range of $2.02 to $3.89; hedge funds and institutional investors currently own 4.52% of the stock.

High Tide (NASDAQ:HITI - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday, Wall Street Zen reports.

Several other brokerages have also recently weighed in on HITI. Weiss Ratings reiterated a "sell (d-)" rating on shares of High Tide in a research note on Friday, July 17th. D. Boral Capital began coverage on shares of High Tide in a research note on Wednesday, July 22nd. They set a "buy" rating and a $4.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $5.62.

High Tide Stock Performance

Shares of High Tide stock opened at $2.79 on Friday. High Tide has a 1 year low of $2.02 and a 1 year high of $3.89. The firm's 50-day moving average is $2.42 and its 200 day moving average is $2.38. The stock has a market cap of $248.70 million, a price-to-earnings ratio of -12.13 and a beta of 0.62. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.50 and a quick ratio of 0.81.

High Tide (NASDAQ:HITI - Get Free Report) last released its quarterly earnings data on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.08. The business 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%. Sell-side analysts anticipate that High Tide will post 0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On High Tide

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its stake in shares of High Tide by 13.0% in the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company's stock worth $2,445,000 after acquiring an additional 122,569 shares during the period. State of Wyoming purchased a new position in High Tide in the 1st quarter worth approximately $387,000. AXQ Capital LP bought a new position in High Tide in the 2nd quarter worth approximately $86,000. Spark Investment Management LLC bought a new position in High Tide in the 4th quarter worth approximately $43,000. Finally, Friday Financial purchased a new stake in High Tide during the 2nd quarter valued at approximately $29,000. 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 company focused on the retail and sale of cannabis products and consumption accessories. Its retail operations are conducted primarily under the Canna Cabana brand, while its digital platforms support online shopping, customer engagement and loyalty programs.

The company offers a range of products, including dried cannabis, pre-rolls, cannabis oils, edibles, beverages and other cannabis formats, subject to applicable regulations. Through related brands and platforms, High Tide also sells smoking accessories and other products designed for cannabis consumers.

Founded in 2009, High Tide is headquartered in Calgary, Alberta, and serves Canadian consumers through its retail network and e-commerce operations.

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