Canaccord Genuity Group Reaffirms Buy Rating for High Tide (NASDAQ:HITI)

Key Points

• Canaccord Genuity Group has reiterated a "buy" rating for High Tide (NASDAQ:HITI) with a target price of $7.25, indicating a potential upside of 96.21% from the current stock price.
• High Tide's recent quarterly earnings showed a positive EPS of $0.01, beating analysts' estimates despite reporting revenue of $108.04 million, which fell short of expectations.
• Recent upgrades from multiple analysts, including a "strong-buy" rating from Haywood Securities, highlight a growing consensus of support for High Tide, which currently has an average target price of $6.13.

High Tide (NASDAQ:HITI - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Canaccord Genuity Group in a report released on Wednesday,Benzinga reports. They presently have a $7.25 price objective on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 96.21% from the company's current price.

Other analysts have also recently issued research reports about the stock. Haywood Securities upgraded shares of High Tide to a "strong-buy" rating in a research report on Friday, September 12th. Roth Capital reiterated a "buy" rating and set a $5.00 target price (up previously from $4.50) on shares of High Tide in a report on Wednesday, June 18th. Finally, Wall Street Zen upgraded High Tide from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat, High Tide currently has a consensus rating of "Buy" and an average target price of $6.13.

High Tide Trading Up 2.6%

Shares of HITI traded up $0.10 during trading hours on Wednesday, reaching $3.70. The stock had a trading volume of 130,208 shares, compared to its average volume of 607,480. The company has a quick ratio of 1.29, a current ratio of 1.85 and a debt-to-equity ratio of 0.42. High Tide has a 52 week low of $1.64 and a 52 week high of $4.06. The firm has a 50-day moving average of $2.94 and a 200 day moving average of $2.48. The company has a market cap of $321.87 million, a P/E ratio of -46.06 and a beta of 0.58.

High Tide (NASDAQ:HITI - Get Free Report) last released its quarterly earnings data on Monday, September 15th. The company reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.02. High Tide had a negative net margin of 1.66% and a negative return on equity of 6.50%. The business had revenue of $108.04 million during the quarter, compared to analysts' expectations of $146.00 million. On average, sell-side analysts expect that High Tide will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

A number of institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its holdings in shares of High Tide by 82,976.9% during the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock worth $25,000 after acquiring an additional 10,787 shares during the period. Revisor Wealth Management LLC bought a new stake in shares of High Tide during the second quarter worth approximately $32,000. Jane Street Group LLC boosted its holdings in shares of High Tide by 50.6% during the fourth quarter. Jane Street Group LLC now owns 53,089 shares of the company's stock worth $163,000 after acquiring an additional 17,837 shares during the period. StoneX Group Inc. bought a new stake in shares of High Tide during the second quarter worth approximately $46,000. Finally, Bank of America Corp DE bought a new stake in shares of High Tide during the fourth quarter worth approximately $72,000. Institutional investors own 4.52% of the company's stock.

About High Tide

High Tide Inc engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Retail and Wholesale segments. It operates licensed retail cannabis stores; and provides data analytics services. In addition, the company manufactures and distributes consumption accessories.

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