Weiss Ratings Reaffirms Sell (D-) Rating for High Tide (NASDAQ:HITI)

Key Points

• Weiss Ratings has maintained a Sell (D-) rating on High Tide (NASDAQ:HITI), despite mixed ratings from other analysts who have issued buy ratings and price targets up to $7.25.
• High Tide reported a quarterly revenue of $108.04 million, falling short of analysts' expectations of $146 million, and had a negative net margin of -1.66%.
• Institutional investors have shown significant activity with Osaic Holdings increasing its stake by 82,976.9% in the second quarter, albeit institutional ownership of the stock is currently at 4.52%.

High Tide (NASDAQ:HITI - Get Free Report)'s stock had its "sell (d-)" rating reiterated by investment analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of High Tide from a "hold" rating to a "buy" rating in a research note on Saturday, September 20th. Haywood Securities raised shares of High Tide to a "strong-buy" rating in a research note on Friday, September 12th. Roth Capital reaffirmed a "buy" rating and issued a $5.00 price objective (up previously from $4.50) on shares of High Tide in a research note on Wednesday, June 18th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $7.25 price objective on shares of High Tide in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, High Tide currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.13.

High Tide Price Performance

HITI stock opened at $3.58 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.85 and a quick ratio of 1.29. High Tide has a one year low of $1.64 and a one year high of $4.06. The stock has a market cap of $311.85 million, a PE ratio of -44.75 and a beta of 0.58. The firm has a 50 day simple moving average of $3.22 and a two-hundred day simple moving average of $2.58.

High Tide (NASDAQ:HITI - Get Free Report) last released its quarterly earnings results on Monday, September 15th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.02. High Tide had a negative net margin of 1.66% and a negative return on equity of 6.50%. The business had revenue of $108.04 million during the quarter, compared to analysts' expectations of $146.00 million. On average, analysts predict that High Tide will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On High Tide

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