High Tide (NASDAQ:HITI) Upgraded 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 investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Several other equities analysts have also weighed in on HITI. Haywood Securities raised High Tide to a "strong-buy" rating in a research note on Friday, September 12th. Roth Capital reissued a "buy" rating and issued a $5.00 target price (up previously from $4.50) on shares of High Tide in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Strong Buy" and an average target price of $5.00.

High Tide Trading Up 0.4%

High Tide stock traded up $0.02 during mid-day trading on Friday, hitting $3.67. The stock had a trading volume of 46,526 shares, compared to its average volume of 606,742. The stock has a 50-day simple moving average of $2.91 and a two-hundred day simple moving average of $2.47. The stock has a market capitalization of $319.26 million, a PE ratio of -45.81 and a beta of 0.58. High Tide has a 12 month low of $1.64 and a 12 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 posted its quarterly earnings results 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 analysts' expectations of $146.00 million. High Tide had a negative return on equity of 6.50% and a negative net margin of 1.66%. As a group, sell-side analysts forecast that High Tide will post -0.04 EPS for the current year.

Institutional Investors Weigh In On High Tide

A number of institutional investors and hedge funds have recently made changes to their positions in HITI. Osaic Holdings Inc. raised its stake in shares of High Tide by 82,976.9% during the 2nd 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. Revisor Wealth Management LLC bought a new stake in shares of High Tide during the 2nd quarter worth approximately $32,000. StoneX Group Inc. bought a new stake in shares of High Tide during the 2nd quarter worth approximately $46,000. Bank of America Corp DE bought a new stake in shares of High Tide during the 4th quarter worth approximately $72,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of High Tide during the 2nd quarter worth approximately $110,000. Institutional investors own 4.52% of the company's stock.

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.