Short Interest in High Tide Inc. (NASDAQ:HITI) Drops By 5.5%

High Tide Inc. (NASDAQ:HITI - Get Free Report) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 3,120,000 shares, a decrease of 5.5% from the March 15th total of 3,300,000 shares. Based on an average daily volume of 484,700 shares, the short-interest ratio is presently 6.4 days. Approximately 4.6% of the company's shares are short sold.

High Tide Trading Down 0.4 %

HITI stock traded down $0.01 during mid-day trading on Tuesday, reaching $2.23. The company had a trading volume of 566,116 shares, compared to its average volume of 510,093. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 0.69. The company has a market capitalization of $176.91 million, a PE ratio of -6.76 and a beta of 0.54. The firm has a 50 day moving average of $1.92 and a 200 day moving average of $1.71. High Tide has a 12 month low of $1.14 and a 12 month high of $2.85.

High Tide (NASDAQ:HITI - Get Free Report) last released its quarterly earnings data on Monday, March 18th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.03) by $0.02. High Tide had a negative net margin of 7.46% and a negative return on equity of 2.03%. The firm had revenue of $94.76 million for the quarter, compared to the consensus estimate of $94.43 million. During the same period last year, the firm earned ($0.05) earnings per share.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Roth Mkm reiterated a "buy" rating and set a $4.50 price target on shares of High Tide in a report on Monday, March 25th. TheStreet upgraded shares of High Tide from a "d" rating to a "c-" rating in a research note on Friday, March 15th.

Hedge Funds Weigh In On High Tide

A number of hedge funds and other institutional investors have recently modified their holdings of HITI. Renaissance Technologies LLC bought a new position in shares of High Tide during the second quarter valued at approximately $29,000. Citigroup Inc. bought a new position in shares of High Tide during the first quarter valued at approximately $53,000. Jane Street Group LLC boosted its stake in shares of High Tide by 279.7% during the first quarter. Jane Street Group LLC now owns 53,384 shares of the company's stock valued at $72,000 after purchasing an additional 39,324 shares in the last quarter. Millennium Management LLC bought a new position in shares of High Tide during the second quarter valued at approximately $80,000. Finally, Royal Bank of Canada boosted its stake in shares of High Tide by 162.9% during the first quarter. Royal Bank of Canada now owns 18,961 shares of the company's stock valued at $86,000 after purchasing an additional 11,748 shares in the last quarter. 4.52% of the stock is currently 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.