High Tide (NASDAQ:HITI) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded High Tide from “hold” to “buy.” With three analysts rating the stock a Buy and one issuing a Sell rating, High Tide has a consensus “Moderate Buy” rating and an average price target of $5.62.
• High Tide shares opened at $2.61, up 1.2%, with a market capitalization of approximately $232.7 million and a 12-month trading range of $2.02 to $3.63.
• The company’s latest quarterly results exceeded expectations, reporting $0.09 in earnings per share versus the $0.01 consensus estimate and revenue of $141.74 million compared with expectations of $138.97 million.

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

Other analysts have also issued research reports about the stock. D. Boral Capital began coverage on shares of High Tide in a research report on Wednesday, July 22nd. They set a "buy" rating and a $4.00 price target on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of High Tide in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $5.62.

High Tide Trading Up 1.2%

Shares of NASDAQ:HITI opened at $2.61 on Friday. 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. The business has a 50 day moving average of $2.54 and a two-hundred day moving average of $2.40. The company has a market capitalization of $232.66 million, a PE ratio of -11.35 and a beta of 0.56.

High Tide (NASDAQ:HITI - Get Free Report) last issued its quarterly earnings data on Monday, September 14th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.08. The business had revenue of $141.74 million for the quarter, compared to analysts' expectations 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, analysts forecast that High Tide will post 0.09 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in HITI. AXQ Capital LP acquired a new stake in High Tide in the 2nd quarter valued at $86,000. Friday Financial acquired a new position in High Tide during the second quarter worth $29,000. Renaissance Technologies LLC lifted its holdings in High Tide by 13.0% during the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company's stock valued at $2,445,000 after purchasing an additional 122,569 shares in the last quarter. Finally, State of Wyoming purchased a new position in High Tide during the first quarter valued at $387,000. 4.52% of the stock is owned by institutional investors and hedge funds.

High Tide Company Profile

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.

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