High Tide (NASDAQ:HITI) Upgraded by Haywood Securities to "Strong-Buy" Rating

Key Points

• High Tide has been upgraded to a "strong-buy" rating by Haywood Securities, signaling increased confidence from analysts.
• Roth Capital has raised its target price for High Tide from $4.50 to $5.00, indicating a positive outlook for the company's stock performance.
• High Tide's latest earnings report showed a revenue of $99.86 million, which fell short of analysts' expectations of $138.50 million, highlighting operational challenges.

High Tide (NASDAQ:HITI - Get Free Report) was upgraded by stock analysts at Haywood Securities to a "strong-buy" rating in a research report issued on Friday,Zacks.com reports.

Separately, Roth Capital reiterated a "buy" rating and issued a $5.00 target price (up from $4.50) on shares of High Tide in a research report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $4.75.

High Tide Price Performance

NASDAQ:HITI opened at $3.43 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $298.68 million, a P/E ratio of -42.88 and a beta of 0.58. High Tide has a 12 month low of $1.64 and a 12 month high of $3.65. The business's 50-day moving average is $2.74 and its 200 day moving average is $2.42.

High Tide (NASDAQ:HITI - Get Free Report) last posted its earnings results on Monday, June 16th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $99.86 million during the quarter, compared to analysts' expectations of $138.50 million. High Tide had a negative return on equity of 6.45% and a negative net margin of 1.71%. On average, equities research analysts forecast that High Tide will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

Several large investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. increased its stake in High Tide by 82,976.9% during the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock worth $25,000 after acquiring an additional 10,787 shares during the last quarter. State of Wyoming raised its holdings in shares of High Tide by 10.5% in the second quarter. State of Wyoming now owns 267,683 shares of the company's stock worth $616,000 after buying an additional 25,442 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of High Tide in the second quarter worth approximately $110,000. Murchinson Ltd. bought a new stake in shares of High Tide during the 2nd quarter worth approximately $398,000. Finally, StoneX Group Inc. purchased a new position in High Tide during the 2nd quarter valued at $46,000. 4.52% of the stock is owned by institutional investors.

About High Tide

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.

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