High Tide Inc. (NASDAQ:HITI) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately positive: Five analysts rate High Tide an average “Moderate Buy,” with three buys, one strong buy and one sell. The average 12-month price target is $5.625, compared with the stock’s recent price of $2.57.
• High Tide exceeded quarterly expectations: The company reported earnings of $0.01 per share versus consensus estimates of a $0.02 loss, while revenue reached $132.02 million, ahead of the $125.93 million estimate.
• Institutional ownership remains limited: Several firms recently initiated or increased positions, but hedge funds and other institutions collectively own only 4.52% of High Tide’s shares.

High Tide Inc. (NASDAQ:HITI - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the five analysts that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $5.6250.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. HRT Financial LP purchased a new position in High Tide during the fourth quarter valued at approximately $26,000. Osaic Holdings Inc. raised its stake in High Tide by 82,976.9% in the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock valued at $25,000 after buying an additional 10,787 shares during the last quarter. Friday Financial purchased a new position in shares of High Tide in the 2nd quarter valued at approximately $29,000. StoneX Group Inc. acquired a new stake in shares of High Tide during the fourth quarter worth $41,000. Finally, Spark Investment Management LLC acquired a new stake in High Tide during the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 4.52% of the company's stock.

High Tide Trading Down 4.5%

HITI stock opened at $2.57 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 0.66. The business has a 50 day simple moving average of $2.32 and a two-hundred day simple moving average of $2.36. High Tide has a 1-year low of $2.02 and a 1-year high of $4.06. The company has a market capitalization of $226.11 million, a price-to-earnings ratio of -8.29 and a beta of 0.62.

High Tide (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings results on Monday, June 15th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $125.93 million. Research analysts anticipate 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.

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