High Tide (NASDAQ:HITI) Lifted to “Hold” at Zacks Investment Research

High Tide (NASDAQ:HITIGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, 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 target on High Tide from $7.25 to $7.00 and set a “neutral” rating for the company in a research report on Friday, March 18th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $11.45.

NASDAQ HITI opened at $2.28 on Tuesday. The stock has a 50-day moving average of $3.95 and a 200-day moving average of $4.70. The firm has a market cap of $142.24 million and a PE ratio of -10.36. The company has a current ratio of 1.13, a quick ratio of 0.72 and a debt-to-equity ratio of 0.21. High Tide has a 1-year low of $1.73 and a 1-year high of $9.95.

High Tide (NASDAQ:HITIGet Rating) last released its quarterly earnings results on Thursday, March 17th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.04). The business had revenue of $57.02 million for 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%. As a group, equities research analysts forecast that High Tide will post -0.16 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of HITI. Royal Bank of Canada purchased a new position in shares of High Tide during the 2nd quarter worth approximately $38,000. Citigroup Inc. purchased a new position in shares of High Tide during the 1st quarter worth approximately $53,000. Guardian Capital Advisors LP purchased a new position in shares of High Tide during the 4th quarter worth approximately $61,000. Morgan Stanley purchased a new position in shares of High Tide during the 2nd quarter worth approximately $69,000. Finally, Jane Street Group LLC grew its stake in shares of High Tide by 314.4% in the 3rd quarter. Jane Street Group LLC now owns 48,352 shares of the company’s stock worth $300,000 after buying an additional 36,684 shares during the last quarter. Hedge funds and other institutional investors own 6.75% of the company’s stock.

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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