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

Key Points

• High Tide Inc. received a consensus analyst rating of “Moderate Buy” from five brokerages, with an average 12-month price target of $6.13.
• The stock saw mixed analyst activity, including new buy coverage from TD Securities and a higher target from Canaccord Genuity, while Weiss Ratings reiterated a sell rating and Wall Street Zen downgraded it to hold.
• High Tide recently reported quarterly EPS of $0.01 on revenue of $130.88 million, below analyst expectations, even as the stock traded up slightly to $2.51.

High Tide Inc. (NASDAQ:HITI - Get Free Report) has received a consensus rating 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 recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $6.1250.

HITI has been the subject of a number of analyst reports. TD Securities began coverage on High Tide in a report on Tuesday, February 24th. They set a "buy" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of High Tide in a research report on Tuesday, April 21st. Wall Street Zen downgraded High Tide from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Finally, Canaccord Genuity Group lifted their target price on High Tide from $7.00 to $7.25 and gave the company a "buy" rating in a research note on Thursday, March 19th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. acquired a new stake in High Tide in the third quarter valued at approximately $8,011,000. Zweig DiMenna Associates LLC acquired a new position in shares of High Tide during the third quarter worth $550,000. Jump Financial LLC purchased a new stake in shares of High Tide during the 4th quarter valued at $347,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of High Tide in the 3rd quarter worth $248,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of High Tide in the 4th quarter worth $129,000. Institutional investors own 4.52% of the company's stock.

High Tide Trading Up 0.8%

NASDAQ HITI opened at $2.51 on Friday. High Tide has a one year low of $2.10 and a one year high of $4.06. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.72 and a current ratio of 1.43. The company has a market capitalization of $220.63 million, a price-to-earnings ratio of -7.38 and a beta of 0.59. The company's 50-day simple moving average is $2.41 and its two-hundred day simple moving average is $2.59.

High Tide (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share for the quarter. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.58%. The firm had revenue of $130.88 million during the quarter, compared to analysts' expectations of $173.80 million. Equities analysts forecast 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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