High Tide Inc. (NASDAQ:HITI) Short Interest Update

Key Points

• Short interest surged 123% to 697,709 shares as of March 31 (about 0.9% of shares sold short) with a short-interest ratio of 1.1 days based on average daily volume.
• Quarterly results disappointed — High Tide reported $0.01 EPS and revenue of $130.88M versus $173.80M expected, posted a negative net margin of 7.53%, and analysts forecast -$0.04 EPS for the fiscal year.
• Analyst views are mixed but cautiously positive — the consensus rating is "Moderate Buy" with a consensus price target of $6.13, while individual analyst notes range from Weiss's Sell to Canaccord's $7.25 target.

High Tide Inc. (NASDAQ:HITI - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totaling 697,709 shares, an increase of 123.0% from the March 15th total of 312,851 shares. Approximately 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 614,248 shares, the short-interest ratio is currently 1.1 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HRT Financial LP acquired a new position in High Tide in the fourth quarter valued at $26,000. Osaic Holdings Inc. lifted its stake in shares of High Tide by 82,976.9% during the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock worth $25,000 after purchasing an additional 10,787 shares in the last quarter. StoneX Group Inc. acquired a new position in shares of High Tide during the fourth quarter worth about $41,000. Spark Investment Management LLC acquired a new position in shares of High Tide during the fourth quarter worth about $43,000. Finally, Bank of America Corp DE acquired a new position in shares of High Tide during the fourth quarter worth about $72,000. Institutional investors and hedge funds own 4.52% of the company's stock.

Analysts Set New Price Targets

HITI has been the subject of a number of analyst reports. Canaccord Genuity Group increased their target price on High Tide from $7.00 to $7.25 and gave the stock a "buy" rating in a research note on Thursday, March 19th. TD Securities initiated coverage on High Tide in a research note 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 note on Thursday, January 22nd. Finally, Wall Street Zen downgraded High Tide from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.13.

High Tide Trading Up 2.2%

Shares of HITI stock traded up $0.05 during mid-day trading on Friday, hitting $2.33. 358,001 shares of the company's stock were exchanged, compared to its average volume of 493,641. High Tide has a fifty-two week low of $1.97 and a fifty-two week high of $4.06. The stock has a 50-day simple moving average of $2.38 and a two-hundred day simple moving average of $2.73. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84. The stock has a market cap of $204.81 million, a price-to-earnings ratio of -6.85 and a beta of 0.57.

High Tide (NASDAQ:HITI - Get Free Report) last issued its earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share 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 for the quarter, compared to analysts' expectations of $173.80 million. Equities analysts expect that High Tide will post -0.04 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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