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

Key Points

• High Tide Inc. has an average analyst rating of “Moderate Buy”, with five firms covering the stock: one sell, three buys, and one strong buy. The average 12-month price target is $5.63.
• The company recently reported quarterly earnings of $0.01 EPS, beating expectations of a loss, and revenue of $132.02 million, also ahead of estimates. Analysts currently expect High Tide to post $0.03 EPS for the full fiscal year.
• High Tide stock was trading around $2.20, near its 12-month low of $2.09 and well below its high of $4.06. The company has a market cap of about $193 million and institutional ownership of 4.52%.

Shares of High Tide Inc. (NASDAQ:HITI - Get Free Report) have been assigned an average rating of "Moderate Buy" from the five research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $5.6250.

A number of brokerages have recently weighed in on HITI. D. Boral Capital assumed coverage on shares of High Tide in a report on Wednesday. They issued a "buy" rating and a $4.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of High Tide in a research report on Friday.

High Tide Price Performance

Shares of High Tide stock opened at $2.20 on Wednesday. The firm has a market capitalization of $193.31 million, a PE ratio of -7.10 and a beta of 0.59. The company has a current ratio of 1.46, a quick ratio of 0.66 and a debt-to-equity ratio of 0.89. High Tide has a 12 month low of $2.09 and a 12 month high of $4.06. The business's 50-day moving average price is $2.31 and its 200-day moving average price is $2.40.

High Tide (NASDAQ:HITI - Get Free Report) last issued its earnings results on Monday, June 15th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. High Tide had a positive return on equity of 3.59% and a negative net margin of 6.62%.The business had revenue of $132.02 million during the quarter, compared to analyst estimates of $125.93 million. Sell-side analysts forecast that High Tide will post 0.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC bought a new stake in shares of High Tide in the 3rd quarter valued at about $6,030,000. Millennium Management LLC grew its position in High Tide by 154.7% during 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. Renaissance Technologies LLC increased its stake in High Tide by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company's stock worth $2,445,000 after purchasing an additional 122,569 shares during the period. Walleye Capital LLC increased its stake in High Tide by 13.6% in the 4th quarter. Walleye Capital LLC now owns 825,338 shares of the company's stock worth $2,187,000 after purchasing an additional 98,524 shares during the period. Finally, Two Sigma Investments LP lifted its position in High Tide by 452.5% in the third quarter. Two Sigma Investments LP now owns 471,727 shares of the company's stock valued at $1,712,000 after purchasing an additional 386,340 shares during the last quarter. 4.52% of the stock is owned by institutional investors.

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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