Walleye Capital LLC Cuts Stake in High Tide Inc. $HITI

Key Points

• Walleye Capital LLC sharply reduced its position in High Tide, cutting its stake by 62.3% in the first quarter and selling more than 514,000 shares.
• Institutional ownership remains modest, with hedge funds and other institutions holding 4.52% of High Tide’s stock overall, while several firms either added new stakes or increased existing ones.
• Analyst sentiment is mixed but generally positive: High Tide has an average “Moderate Buy” rating with a $5.62 target price, even as Weiss Ratings reiterated a sell rating and D. Boral Capital initiated coverage with a buy rating.

Walleye Capital LLC cut its holdings in shares of High Tide Inc. (NASDAQ:HITI - Free Report) by 62.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 310,915 shares of the company's stock after selling 514,423 shares during the period. Walleye Capital LLC owned 0.35% of High Tide worth $712,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. XTX Topco Ltd raised its stake in High Tide by 35.8% in the fourth quarter. XTX Topco Ltd now owns 42,606 shares of the company's stock valued at $113,000 after buying an additional 11,222 shares during the last quarter. Oxford Asset Management LLP acquired a new stake in High Tide in the fourth quarter worth about $123,000. Man Group plc purchased a new stake in shares of High Tide during the fourth quarter worth about $76,000. Qube Research & Technologies Ltd purchased a new stake in shares of High Tide during the third quarter worth about $120,000. Finally, Centiva Capital LP acquired a new position in shares of High Tide during the third quarter valued at about $116,000. Hedge funds and other institutional investors own 4.52% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on HITI. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of High Tide in a research report on Friday, July 17th. D. Boral Capital initiated coverage on shares of High Tide in a research report on Wednesday. They set a "buy" rating and a $4.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, High Tide has an average rating of "Moderate Buy" and an average target price of $5.62.

High Tide Stock Performance

Shares of HITI stock opened at $2.15 on Friday. The business has a fifty day moving average of $2.29 and a 200 day moving average of $2.39. High Tide Inc. has a 1 year low of $2.09 and a 1 year high of $4.06. 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 firm has a market capitalization of $188.92 million, a price-to-earnings ratio of -6.94 and a beta of 0.59.

High Tide (NASDAQ:HITI - Get Free Report) last posted its quarterly earnings results on Monday, June 15th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. The business had revenue of $132.02 million for the quarter, compared to the consensus estimate of $125.93 million. High Tide had a positive return on equity of 3.59% and a negative net margin of 6.62%. As a group, research analysts expect that High Tide Inc. will post 0.03 earnings per share for the current year.

High Tide Company Profile

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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