High Tide Inc. (NASDAQ:HITI) Sees Large Decline in Short Interest

Key Points

• Short interest: As of March 13 short interest fell 16.5% to 312,851 shares (about 0.4% of the stock), with a short-interest ratio of 0.9 days based on average daily volume.
• Quarterly results: High Tide reported $0.01 EPS and revenue of $130.88 million—well below analysts' $173.8 million estimate—and reported a negative net margin of 7.53%, with a market cap around $199 million.
• Analyst stance: Coverage is mixed but the consensus is a "Moderate Buy" with a $6.13 price target (one Strong Buy, three Buy, one Sell among analysts).

High Tide Inc. (NASDAQ:HITI - Get Free Report) was the recipient of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 312,851 shares, a decrease of 16.5% from the February 26th total of 374,770 shares. Based on an average daily trading volume, of 366,171 shares, the short-interest ratio is currently 0.9 days. Approximately 0.4% of the company's stock are short sold.

High Tide Price Performance

Shares of HITI stock opened at $2.26 on Monday. The stock's 50 day simple moving average is $2.42 and its 200 day simple moving average is $2.82. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.72 and a current ratio of 1.43. High Tide has a twelve month low of $1.64 and a twelve month high of $4.06. The company has a market capitalization of $198.65 million, a price-to-earnings ratio of -6.65 and a beta of 0.54.

High Tide (NASDAQ:HITI - Get Free Report) last announced its earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%.The firm had revenue of $130.88 million during the quarter, compared to analysts' expectations of $173.80 million. As a group, research analysts predict that High Tide will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. raised its holdings in High Tide by 82,976.9% in the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock worth $25,000 after acquiring an additional 10,787 shares during the period. HRT Financial LP bought a new stake in High Tide during the fourth quarter valued at about $26,000. StoneX Group Inc. bought a new stake in High Tide during the fourth quarter valued at about $41,000. Spark Investment Management LLC acquired a new stake in shares of High Tide in the fourth quarter valued at about $43,000. Finally, Bank of America Corp DE acquired a new stake in shares of High Tide in the fourth quarter valued at about $72,000. 4.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HITI. TD Securities started coverage on shares of High Tide in a research note on Tuesday, February 24th. They issued a "buy" rating for the company. Canaccord Genuity Group increased their price target on shares of High Tide from $7.00 to $7.25 and gave the stock a "buy" rating in a research note on Thursday, March 19th. Weiss Ratings restated a "sell (d-)" rating on shares of High Tide in a report on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of High Tide from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, High Tide presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.13.

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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