High Tide (NASDAQ:HITI) Share Price Crosses Above Fifty Day Moving Average - Time to Sell?

Key Points

• High Tide shares rose above their 50-day moving average, reaching $2.70 before closing at $2.67, compared with a 50-day average of $2.61.
• Analyst sentiment is mixed but leans positive: three analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $5.62.
• High Tide’s latest quarterly results exceeded expectations, with EPS of $0.09 versus a $0.01 estimate and revenue of $141.74 million versus a $138.97 million forecast; institutional ownership remains limited at 4.52%.

High Tide Inc. (NASDAQ:HITI - Get Free Report)'s stock price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $2.61 and traded as high as $2.70. High Tide shares last traded at $2.67, with a volume of 293,197 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on HITI shares. Wall Street Zen raised shares of High Tide from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Weiss Ratings restated a "sell (d-)" rating on shares of High Tide in a research report on Thursday, October 15th. Finally, D. Boral Capital started coverage on shares of High Tide in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $4.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, High Tide currently has an average rating of "Moderate Buy" and an average price target of $5.62.

High Tide Price Performance

The stock has a 50-day simple moving average of $2.61 and a 200-day simple moving average of $2.43. The stock has a market cap of $238.03 million, a PE ratio of -11.61 and a beta of 0.56.

High Tide (NASDAQ:HITI - Get Free Report) last released its quarterly earnings data on Monday, September 14th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.08. The firm had revenue of $141.74 million during the quarter, compared to analysts' expectations of $138.97 million. As a group, equities research analysts anticipate that High Tide Inc. will post 0.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HITI. TD Waterhouse Canada Inc. boosted its holdings in High Tide by 1,562.4% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 92,462 shares of the company's stock worth $246,000 after acquiring an additional 86,900 shares during the period. TopTier Wealth Management LLC acquired a new stake in High Tide in the third quarter valued at approximately $169,000. AXQ Capital LP purchased a new stake in shares of High Tide during the second quarter valued at approximately $86,000. Friday Financial purchased a new stake in shares of High Tide during the second quarter valued at approximately $29,000. Finally, Renaissance Technologies LLC raised its stake in shares of High Tide by 13.0% during the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company's stock valued at $2,445,000 after purchasing an additional 122,569 shares during the period. 4.52% of the stock is owned by hedge funds and other institutional investors.

About High Tide

High Tide Inc is a Canadian cannabis company focused primarily on the retail sale of adult-use cannabis and cannabis-related products. The company operates its retail business under the Canna Cabana banner and offers cannabis flower, pre-rolls, vapes, edibles, beverages, concentrates and accessories, subject to applicable regulations.

High Tide also operates the Cabana Club customer loyalty program and Fastendr, a technology platform designed to support cannabis retail, online ordering and in-store purchasing.

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