High Tide (NASDAQ:HITI) Rating Increased to Buy at Wall Street Zen

Key Points

• High Tide's stock rating was upgraded from "hold" to "buy" by Wall Street Zen, with a consensus target price of $5.00.
• The company reported a positive earnings per share of $0.01 for the recent quarter, surpassing analysts' estimates, but its revenue of $108.04 million fell short of expectations.
• Several institutional investors, including Two Sigma Investments, have significantly increased their holdings in High Tide, reflecting growing interest and confidence in the stock.

High Tide (NASDAQ:HITI - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

HITI has been the topic of a number of other research reports. Haywood Securities raised shares of High Tide to a "strong-buy" rating in a research note on Friday, September 12th. Roth Capital reaffirmed a "buy" rating and issued a $5.00 price target (up from $4.50) on shares of High Tide in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, High Tide currently has an average rating of "Strong Buy" and a consensus target price of $5.00.

High Tide Price Performance

Shares of HITI stock traded down $0.10 during trading hours on Friday, hitting $3.70. The company's stock had a trading volume of 777,226 shares, compared to its average volume of 607,004. The business has a fifty day moving average of $2.88 and a 200-day moving average of $2.46. The stock has a market cap of $321.87 million, a price-to-earnings ratio of -45.94 and a beta of 0.58. High Tide has a twelve month low of $1.64 and a twelve month high of $4.06. The company has a current ratio of 1.85, a quick ratio of 1.29 and a debt-to-equity ratio of 0.42.

High Tide (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings data on Monday, September 15th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. The business had revenue of $108.04 million for the quarter, compared to the consensus estimate of $146.00 million. High Tide had a negative net margin of 1.66% and a negative return on equity of 6.50%. As a group, equities research analysts anticipate that High Tide will post -0.04 EPS for the current year.

Institutional Trading of High Tide

Large investors have recently added to or reduced their stakes in the business. Two Sigma Investments LP raised its stake in High Tide by 146.0% during the 4th quarter. Two Sigma Investments LP now owns 311,304 shares of the company's stock valued at $962,000 after purchasing an additional 184,780 shares during the last quarter. Jane Street Group LLC raised its stake in shares of High Tide by 50.6% in the 4th quarter. Jane Street Group LLC now owns 53,089 shares of the company's stock valued at $163,000 after buying an additional 17,837 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of High Tide by 8,334.5% in the 4th quarter. Lazard Asset Management LLC now owns 51,535 shares of the company's stock valued at $159,000 after buying an additional 50,924 shares in the last quarter. State of Wyoming raised its stake in shares of High Tide by 55.7% in the 1st quarter. State of Wyoming now owns 242,241 shares of the company's stock valued at $458,000 after buying an additional 86,682 shares in the last quarter. Finally, Murchinson Ltd. acquired a new position in shares of High Tide in the 2nd quarter valued at $398,000. 4.52% of the stock is owned by institutional investors.

High Tide Company Profile

High Tide Inc engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Retail and Wholesale segments. It operates licensed retail cannabis stores; and provides data analytics services. In addition, the company manufactures and distributes consumption accessories.