High Tide (NASDAQ:HITI) Coverage Initiated at D. Boral Capital

Key Points

• D. Boral Capital initiated coverage on High Tide with a buy rating and a $4.00 price target, implying about 81.8% upside from the stock’s current price.
• Analyst sentiment is mixed overall: Weiss Ratings reiterated a sell (d-) rating, while MarketBeat shows a consensus of Moderate Buy with an average price target of $5.62.
• High Tide shares were up 1.9% and the company recently beat quarterly estimates, reporting $0.01 EPS versus expectations for a loss and $132.02 million in revenue, above forecasts.

Investment analysts at D. Boral Capital initiated coverage on shares of High Tide (NASDAQ:HITI - Get Free Report) in a report released on Wednesday. The firm set a "buy" rating and a $4.00 price target on the stock. D. Boral Capital's price objective would indicate a potential upside of 81.82% from the stock's current price.

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of High Tide in a research note on Friday. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $5.62.

High Tide Stock Up 1.9%

Shares of NASDAQ:HITI opened at $2.20 on Wednesday. High Tide has a 1 year low of $2.09 and a 1 year high of $4.06. The company has a market capitalization of $193.31 million, a PE ratio of -7.10 and a beta of 0.59. The business has a fifty day moving average price of $2.31 and a two-hundred day moving average price of $2.40. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 0.66.

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

Institutional Investors Weigh In On High Tide

Large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its stake in High Tide by 82,976.9% in the 2nd 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 during the period. HRT Financial LP bought a new position in High Tide during the fourth quarter worth about $26,000. Friday Financial purchased a new position in shares of High Tide in the second quarter worth about $29,000. StoneX Group Inc. purchased a new position in shares of High Tide in the fourth quarter worth about $41,000. Finally, Spark Investment Management LLC bought a new stake in shares of High Tide in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 4.52% of the company's stock.

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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