High Tide Inc. (NASDAQ:HITI) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts give High Tide a consensus "Moderate Buy" rating (five brokerages: one sell, three buy, one strong buy) with an average 12-month price objective of $6.125.
• In the most recent quarter High Tide reported $0.01 EPS on revenue of $130.88 million versus a consensus $173.8 million (a clear revenue miss) and a negative net margin of 7.53%.
• Several hedge funds recently added to positions (including Hillsdale, Tidal, Millennium, BofA and Two Sigma), yet only 4.52% of the stock is currently owned by hedge funds and other institutional investors.

Shares of High Tide Inc. (NASDAQ:HITI - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $6.1250.

HITI has been the topic of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of High Tide in a report on Thursday, January 22nd. Wall Street Zen lowered shares of High Tide from a "buy" rating to a "hold" rating in a report on Saturday, January 31st. Canaccord Genuity Group lifted their target price on shares of High Tide from $7.00 to $7.25 and gave the stock a "buy" rating in a research note on Thursday. Finally, TD Securities started coverage on shares of High Tide in a report on Tuesday, February 24th. They issued a "buy" rating on the stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. acquired a new stake in High Tide during the third quarter worth $8,011,000. Tidal Investments LLC acquired a new position in High Tide in the third quarter valued at about $6,030,000. Millennium Management LLC lifted its holdings in shares of High Tide by 154.7% in the 4th quarter. Millennium Management LLC now owns 1,112,004 shares of the company's stock worth $2,947,000 after acquiring an additional 675,396 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of High Tide by 15,484.2% in the 3rd quarter. Bank of America Corp DE now owns 420,774 shares of the company's stock worth $1,527,000 after acquiring an additional 418,074 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of High Tide by 452.5% during the 3rd quarter. Two Sigma Investments LP now owns 471,727 shares of the company's stock worth $1,712,000 after purchasing an additional 386,340 shares during the period. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

High Tide Price Performance

HITI stock opened at $2.24 on Friday. High Tide has a 1 year low of $1.64 and a 1 year high of $4.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.43 and a quick ratio of 0.70. The firm has a market capitalization of $196.90 million, a PE ratio of -6.59 and a beta of 0.54. The business has a 50 day simple moving average of $2.45 and a 200-day simple moving average of $2.86.

High Tide (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings data on Tuesday, March 17th. The company reported $0.01 EPS for the quarter. The firm had revenue of $130.88 million for the quarter, compared to the consensus estimate of $173.80 million. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%. Equities research analysts anticipate that High Tide will post -0.04 earnings per share 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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