High Tide Inc. (NASDAQ:HITI) Sees Significant Decrease in Short Interest

High Tide Inc. (NASDAQ:HITI) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 4,460,000 shares, a drop of 6.1% from the August 31st total of 4,750,000 shares. Based on an average trading volume of 449,000 shares, the days-to-cover ratio is currently 9.9 days. Currently, 6.1% of the shares of the stock are sold short.

High Tide Stock Up 3.5 %

HITI stock opened at $2.09 on Monday. The business’s 50-day moving average is $1.97 and its two-hundred day moving average is $2.13. The company has a market cap of $168.13 million, a price-to-earnings ratio of -6.31 and a beta of 0.47. High Tide has a fifty-two week low of $1.14 and a fifty-two week high of $2.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.78 and a current ratio of 1.26.

High Tide (NASDAQ:HITI) last released its quarterly earnings results on Monday, September 16th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.03. High Tide had a negative net margin of 6.14% and a positive return on equity of 2.06%. The business had revenue of $96.04 million for the quarter, compared to the consensus estimate of $93.70 million. During the same period last year, the firm earned ($0.03) earnings per share. As a group, analysts forecast that High Tide will post -0.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on HITI shares. Roth Mkm reiterated a “buy” rating and set a $4.50 price target on shares of High Tide in a research report on Wednesday, September 18th. Ventum Cap Mkts upgraded shares of High Tide to a “strong-buy” rating in a research report on Tuesday, July 16th.

Institutional Trading of High Tide

Several hedge funds have recently bought and sold shares of the stock. Baader Bank Aktiengesellschaft increased its stake in High Tide by 25.9% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 251,741 shares of the company’s stock worth $555,000 after buying an additional 51,741 shares in the last quarter. Perritt Capital Management Inc lifted its holdings in High Tide by 92.3% in the 2nd quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock worth $276,000 after purchasing an additional 60,000 shares in the last quarter. Virtu Financial LLC bought a new position in High Tide in the 1st quarter worth approximately $153,000. Perritt Capital Management Inc. bought a new stake in shares of High Tide during the first quarter valued at approximately $132,000. Finally, Quadrature Capital Ltd purchased a new position in shares of High Tide in the first quarter worth $32,000. Institutional investors own 4.52% of the company’s stock.

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.