High Tide (NASDAQ:HITI) Trading 1.9% Higher – What’s Next?

High Tide Inc. (NASDAQ:HITI)’s stock price shot up 1.9% during mid-day trading on Monday . The stock traded as high as $2.75 and last traded at $2.71. 296,294 shares traded hands during trading, a decline of 51% from the average session volume of 600,345 shares. The stock had previously closed at $2.66.

Analyst Ratings Changes

HITI has been the topic of several recent research reports. Wall Street Zen raised High Tide from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.25 price target on shares of High Tide in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.13.

High Tide Price Performance

The company has a fifty day simple moving average of $2.73 and a 200 day simple moving average of $2.91. The stock has a market capitalization of $238.05 million, a price-to-earnings ratio of -33.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.29 and a current ratio of 1.85.

Institutional Trading of High Tide

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HITI. Revisor Wealth Management LLC bought a new stake in shares of High Tide in the 2nd quarter valued at $32,000. Murchinson Ltd. bought a new stake in High Tide during the second quarter valued at $398,000. Arrowstreet Capital Limited Partnership acquired a new stake in High Tide during the 3rd quarter worth about $248,000. Qube Research & Technologies Ltd bought a new position in shares of High Tide in the 3rd quarter worth about $120,000. Finally, Centiva Capital LP acquired a new position in shares of High Tide in the 3rd quarter valued at about $116,000. Institutional investors and hedge funds own 4.52% of the company’s stock.

High Tide Company Profile

High Tide Inc (NASDAQ: HITI) is an omnichannel retailer and branded consumer packaged goods company serving the regulated cannabis market. The company operates a network of licensed cannabis retail stores across Canada, offering a curated assortment of cannabis flower, pre-rolls, vapes and lifestyle accessories. In parallel, High Tide maintains an e-commerce platform that delivers hemp-derived products, vaporizers, glassware and other ancillary goods to consumers in multiple jurisdictions.

Within Canada, High Tide’s retail division includes banners such as Canna Cabana, Meta Cannabis Supply Co and The Hunny Pot, each designed to provide differentiated in-store experiences.