High Tide (NASDAQ:HITI) Shares Up 5.1% - Here's What Happened

Key Points

• Shares rose 5.1% intraday to $2.49 (high $2.54) on Wednesday, with volume of 580,348 shares—about 35% above the recent average.
• Analysts are mixed but the consensus is a “Moderate Buy” with a consensus target price of $6.13; Canaccord recently raised its target to $7.25 while ratings range from Strong Buy to Sell.
• High Tide reported Q results with EPS of $0.01 and revenue of $130.88M versus $173.8M expected, leaving a negative net margin of 7.53% and a market cap of about $218.9M.

High Tide Inc. (NASDAQ:HITI - Get Free Report) shares shot up 5.1% during mid-day trading on Wednesday . The company traded as high as $2.54 and last traded at $2.49. 580,348 shares were traded during trading, an increase of 35% from the average session volume of 430,865 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on HITI. Wall Street Zen downgraded High Tide from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Canaccord Genuity Group lifted their price target on High Tide from $7.00 to $7.25 and gave the company a "buy" rating in a research report on Thursday, March 19th. TD Securities began coverage on High Tide in a report on Tuesday, February 24th. They set a "buy" rating on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of High Tide in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.13.

High Tide Trading Up 5.1%

The company has a market capitalization of $218.87 million, a PE ratio of -7.32 and a beta of 0.59. The company has a current ratio of 1.43, a quick ratio of 0.72 and a debt-to-equity ratio of 0.84. The stock has a fifty day moving average of $2.41 and a two-hundred day moving average of $2.59.

High Tide (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings data on Tuesday, March 17th. The company reported $0.01 earnings per share for the quarter. The company had revenue of $130.88 million for the quarter, compared to analysts' expectations of $173.80 million. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%. As a group, sell-side analysts anticipate that High Tide Inc. will post 0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On High Tide

A number of large investors have recently bought and sold shares of HITI. Hillsdale Investment Management Inc. purchased a new position in High Tide in the 3rd quarter worth approximately $8,011,000. Tidal Investments LLC purchased a new stake in High Tide in the third quarter worth $6,030,000. Millennium Management LLC grew its stake in High Tide by 154.7% in the fourth quarter. Millennium Management LLC now owns 1,112,004 shares of the company's stock worth $2,947,000 after purchasing an additional 675,396 shares during the period. Bank of America Corp DE grew its stake in High Tide by 15,484.2% in the third quarter. Bank of America Corp DE now owns 420,774 shares of the company's stock worth $1,527,000 after purchasing an additional 418,074 shares during the period. Finally, Two Sigma Investments LP grew its stake in High Tide by 452.5% in the third quarter. Two Sigma Investments LP now owns 471,727 shares of the company's stock worth $1,712,000 after purchasing an additional 386,340 shares during the period. 4.52% of the stock is owned by hedge funds and other institutional investors.

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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