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

Key Points

• High Tide has a “Moderate Buy” consensus among five analysts, with three buy ratings, one strong buy and one sell. The average 12-month price target is $5.625, versus a recent share price of $2.35.
• In its latest quarter, High Tide reported $132.02 million in revenue and earnings of $0.01 per share, exceeding analysts’ expectations of $125.93 million in revenue and a $0.02 per-share loss.
• Institutional ownership remains limited at 4.52%, although several hedge funds and investment firms recently initiated or increased positions in the cannabis retailer.

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

HITI has been the topic of several research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of High Tide in a research note on Friday, July 17th. D. Boral Capital began coverage on shares of High Tide in a research report on Wednesday, July 22nd. They set a "buy" rating and a $4.00 price objective for the company.

High Tide Stock Up 1.3%

HITI stock opened at $2.35 on Friday. The company has a market cap of $206.75 million, a price-to-earnings ratio of -7.58 and a beta of 0.62. The firm has a 50-day moving average of $2.24 and a two-hundred day moving average of $2.34. High Tide has a 12 month low of $2.02 and a 12 month high of $4.06. 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 (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings data on Monday, June 15th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $132.02 million for the quarter, compared to the consensus estimate of $125.93 million. As a group, analysts forecast that High Tide will post 0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. HRT Financial LP acquired a new position in High Tide in the 4th quarter valued at about $26,000. Osaic Holdings Inc. boosted its holdings in shares of 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 acquiring an additional 10,787 shares in the last quarter. XTX Topco Ltd boosted its position in shares of High Tide by 35.8% during the 4th quarter. XTX Topco Ltd now owns 42,606 shares of the company's stock worth $113,000 after purchasing an additional 11,222 shares in the last quarter. Friday Financial purchased a new stake in shares of High Tide in the second quarter valued at about $29,000. Finally, StoneX Group Inc. purchased a new stake in shares of High Tide during the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 4.52% of the company's stock.

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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