Traders Purchase High Volume of Call Options on High Tide (NASDAQ:HITI)

High Tide Inc. (NASDAQ:HITI) saw some unusual options trading activity on Monday. Investors bought 9,371 call options on the company. This is an increase of 1,151% compared to the average volume of 749 call options.

Hedge Funds Weigh In On High Tide

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. lifted its position in High Tide by 82,976.9% in the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after purchasing an additional 10,787 shares during the period. StoneX Group Inc. purchased a new stake in High Tide in the 2nd quarter valued at approximately $46,000. Bank of America Corp DE acquired a new stake in shares of High Tide during the fourth quarter valued at $72,000. Boothbay Fund Management LLC acquired a new stake in shares of High Tide during the 2nd quarter worth about $110,000. Finally, Centiva Capital LP purchased a new stake in High Tide in the 3rd quarter worth approximately $116,000. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

High Tide Stock Up 3.0%

HITI opened at $2.42 on Tuesday. The stock has a market capitalization of $212.81 million, a P/E ratio of -6.54 and a beta of 0.57. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.70 and a current ratio of 1.37. High Tide has a one year low of $1.64 and a one year high of $4.06. The business’s 50-day simple moving average is $2.61 and its 200-day simple moving average is $2.92.

High Tide (NASDAQ:HITI) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $117.02 million for the quarter, compared to analyst estimates of $158.91 million. High Tide had a negative return on equity of 2.37% and a negative net margin of 8.68%. Analysts anticipate that High Tide will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. Wall Street Zen cut High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. One research 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.13.

About High Tide

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.