High Tide Inc. (NASDAQ:HITI) Short Interest Down 5.5% in March

High Tide Inc. (NASDAQ:HITI) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 3,120,000 shares, a drop 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 currently 6.4 days. Currently, 4.6% of the shares of the company are sold short.

High Tide Trading Up 0.4 %

Shares of High Tide stock opened at $2.24 on Thursday. The stock has a market cap of $177.71 million, a PE ratio of -6.79 and a beta of 0.54. The firm has a fifty day moving average price of $1.93 and a 200 day moving average price of $1.72. High Tide has a 1 year low of $1.14 and a 1 year high of $2.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 0.69.

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

Institutional Investors Weigh In On High Tide

Several hedge funds have recently bought and sold shares of HITI. Renaissance Technologies LLC acquired a new stake in High Tide during the second quarter valued at $29,000. Citigroup Inc. purchased a new stake in shares of High Tide during the 1st quarter worth about $53,000. Jane Street Group LLC grew its position in shares of High Tide by 279.7% during the 1st quarter. Jane Street Group LLC now owns 53,384 shares of the company’s stock valued at $72,000 after acquiring an additional 39,324 shares during the period. Millennium Management LLC purchased a new position in High Tide during the second quarter worth approximately $80,000. Finally, Royal Bank of Canada grew its holdings in High Tide by 162.9% in 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 during the period. Hedge funds and other institutional investors own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HITI. TheStreet upgraded shares of High Tide from a “d” rating to a “c-” rating in a research note on Friday, March 15th. Roth Mkm reissued a “buy” rating and issued a $4.50 price objective on shares of High Tide in a report on Monday, March 25th.

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.