High Tide (NASDAQ:HITI) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Wall Street Zen upgraded High Tide from “hold” to “buy,” while the broader analyst consensus is “Moderate Buy,” based on three Buy ratings and one Sell rating. The average price target is $5.62, with D. Boral Capital assigning a $4.00 target.
• High Tide reported quarterly EPS of $0.09, beating the $0.01 consensus estimate, while revenue of $141.74 million also exceeded expectations of $138.97 million.
• Shares opened at $2.58 and were down 2.6%; institutional investors own 4.52% of the stock, with Renaissance Technologies increasing its stake by 13% during the first quarter.

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

Several other analysts also recently issued reports on HITI. D. Boral Capital assumed coverage on shares of High Tide in a research note on Wednesday, July 22nd. They set a "buy" rating and a $4.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of High Tide in a research report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $5.62.

High Tide Trading Down 2.6%

Shares of HITI stock opened at $2.58 on Friday. The stock has a 50-day simple moving average of $2.37 and a 200 day simple moving average of $2.37. The stock has a market capitalization of $229.59 million, a P/E ratio of -11.22 and a beta of 0.62. High Tide has a fifty-two week low of $2.02 and a fifty-two week high of $4.06. The company has a quick ratio of 0.66, a current ratio of 1.50 and a debt-to-equity ratio of 0.82.

High Tide (NASDAQ:HITI - Get Free Report) last posted its quarterly earnings results on Monday, September 14th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. High Tide had a positive return on equity of 5.13% and a negative net margin of 4.73%.The company had revenue of $141.74 million for the quarter, compared to analysts' expectations of $138.97 million. On average, sell-side analysts expect that High Tide will post 0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On High Tide

Institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in shares of High Tide by 13.0% during the 1st 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 in the last quarter. State of Wyoming bought a new position in shares of High Tide in the 1st quarter valued at approximately $387,000. AXQ Capital LP bought a new position in shares of High Tide in the 2nd quarter valued at approximately $86,000. Spark Investment Management LLC acquired a new stake in High Tide in the 4th quarter worth approximately $43,000. Finally, Friday Financial acquired a new stake in High Tide in the 2nd quarter worth approximately $29,000. 4.52% of the stock is currently owned by 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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