High Tide (NASDAQ:HITI) Price Target Raised to $7.25

Key Points

• Canaccord Genuity raised its price target to $7.25 and maintains a "buy" rating on High Tide, a target that implies about a 214.53% upside from the current share price.
• Analyst views are mixed but lean positive: the consensus rating is "Moderate Buy" with a consensus price target of $6.13 (ratings include 1 Strong Buy, 3 Buy and 1 Sell).
• Fundamentals and recent trading show risk: shares traded around $2.31 with a market cap of $202.6M, the latest quarter missed revenue estimates ($130.9M vs. $173.8M) and the company reported a negative net margin (-7.53%).

High Tide (NASDAQ:HITI - Get Free Report) had its price objective increased by research analysts at Canaccord Genuity Group from $7.00 to $7.25 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 214.53% from the stock's current price.

Several other brokerages have also recently weighed in on HITI. Wall Street Zen cut shares of High Tide from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. TD Securities assumed coverage on High Tide in a report on Tuesday, February 24th. They issued a "buy" rating on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of High Tide in a research report on Thursday, January 22nd. One research 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 company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.13.

High Tide Price Performance

High Tide stock traded down $0.15 during mid-day trading on Thursday, hitting $2.31. 713,525 shares of the company were exchanged, compared to its average volume of 470,456. The company has a market capitalization of $202.61 million, a PE ratio of -6.75 and a beta of 0.54. The business has a fifty day moving average of $2.47 and a 200 day moving average of $2.87. High Tide has a 1-year low of $1.64 and a 1-year high of $4.06. The company has a quick ratio of 0.70, a current ratio of 1.37 and a debt-to-equity ratio of 0.80.

High Tide (NASDAQ:HITI - Get Free Report) last posted its earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share for the quarter. The business had revenue of $130.88 million for the quarter, compared to analyst estimates of $173.80 million. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.55%. As a group, sell-side analysts expect that High Tide will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On High Tide

Several institutional investors have recently modified their holdings of HITI. Bank of America Corp DE acquired a new position in shares of High Tide during the 4th quarter worth about $72,000. StoneX Group Inc. acquired a new stake in shares of High Tide in the 2nd quarter valued at approximately $46,000. Murchinson Ltd. bought a new position in High Tide during the 2nd quarter worth approximately $398,000. Boothbay Fund Management LLC bought a new position in High Tide during the 2nd quarter worth approximately $110,000. Finally, State of Wyoming grew its holdings in High Tide by 10.5% during the second quarter. State of Wyoming now owns 267,683 shares of the company's stock valued at $616,000 after purchasing an additional 25,442 shares during the period. Institutional investors and hedge funds 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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