High Tide’s (HITI) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of High Tide (NASDAQ:HITI) in a research note released on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a $7.25 price objective on the stock.

HITI has been the subject of a number of other reports. Roth Capital reissued a “buy” rating and issued a $5.00 price objective (up from $4.50) on shares of High Tide in a research report on Wednesday, June 18th. Wall Street Zen raised shares of High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. Finally, Haywood Securities raised shares of High Tide to a “strong-buy” rating in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. Based on data from MarketBeat, High Tide presently has an average rating of “Buy” and an average price target of $6.13.

High Tide Stock Performance

NASDAQ:HITI opened at $3.87 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. The firm has a 50-day moving average of $2.96 and a two-hundred day moving average of $2.49. The stock has a market cap of $337.12 million, a P/E ratio of -48.38 and a beta of 0.58. High Tide has a 1-year low of $1.64 and a 1-year high of $4.06.

High Tide (NASDAQ:HITI) last posted its quarterly earnings data on Monday, September 15th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. The company had revenue of $108.04 million during the quarter, compared to analysts’ expectations of $146.00 million. High Tide had a negative net margin of 1.66% and a negative return on equity of 6.50%. On average, research analysts expect that High Tide will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On High Tide

Large investors have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its position in shares of High Tide by 82,976.9% during the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock worth $25,000 after purchasing an additional 10,787 shares during the last quarter. Revisor Wealth Management LLC bought a new position in shares of High Tide during the second quarter worth about $32,000. StoneX Group Inc. bought a new position in High Tide in the second quarter worth about $46,000. Bank of America Corp DE bought a new position in High Tide in the fourth quarter worth about $72,000. Finally, Boothbay Fund Management LLC bought a new position in High Tide in the second quarter worth about $110,000. 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.