High Tide (NASDAQ:HITI) Upgraded to Hold at Zacks Investment Research

High Tide (NASDAQ:HITI – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “High Tide Inc. is a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories. High Tide Inc. is based in CALGARY, AB. “

Separately, Cantor Fitzgerald lowered their price objective on High Tide from $7.25 to $7.00 and set a “neutral” rating on the stock in a research report on Friday, March 18th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, High Tide currently has an average rating of “Buy” and an average price target of $11.45.

High Tide stock opened at $2.44 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.13 and a quick ratio of 0.72. The stock has a market cap of $152.22 million and a P/E ratio of -11.09. The stock has a 50 day moving average of $4.11. High Tide has a twelve month low of $2.41 and a twelve month high of $9.95.

High Tide (NASDAQ:HITI – Get Rating) last released its quarterly earnings data on Thursday, March 17th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.04). The business had revenue of $57.02 million during the quarter, compared to the consensus estimate of $55.50 million. High Tide had a negative net margin of 11.84% and a negative return on equity of 22.87%. Research analysts predict that High Tide will post -0.16 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ETF Managers Group LLC lifted its holdings in shares of High Tide by 124.1% during the 4th quarter. ETF Managers Group LLC now owns 3,539,233 shares of the company’s stock valued at $15,271,000 after buying an additional 1,959,677 shares during the period. AdvisorShares Investments LLC lifted its holdings in shares of High Tide by 5.5% during the 1st quarter. AdvisorShares Investments LLC now owns 370,927 shares of the company’s stock valued at $1,684,000 after buying an additional 19,480 shares during the period. Jane Street Group LLC lifted its holdings in shares of High Tide by 314.4% during the 3rd quarter. Jane Street Group LLC now owns 48,352 shares of the company’s stock valued at $300,000 after buying an additional 36,684 shares during the period. Guardian Capital Advisors LP bought a new position in shares of High Tide during the 4th quarter valued at $61,000. Finally, Morgan Stanley bought a new position in shares of High Tide during the 2nd quarter valued at $69,000. 6.75% of the stock is currently owned by hedge funds and other institutional investors.

High Tide Company Profile (Get Rating)

High Tide Inc engages in the cannabis retail business in Canada, Europe, the United States, and internationally. The company designs, manufactures, and distributes smoking accessories and cannabis lifestyle products. It is also involved in the wholesale and retailing of cannabis products, as well as operates and franchises licensed retail cannabis stores.

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