High Tide (NASDAQ:HITI) Price Target Raised to $7.25 at Canaccord Genuity Group

High Tide (NASDAQ:HITI) had its target price hoisted by Canaccord Genuity Group from $7.00 to $7.25 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

HITI has been the topic of a number of other reports. TD Securities initiated coverage on High Tide in a research report on Tuesday, February 24th. They set a “buy” rating on the stock. Wall Street Zen downgraded shares of High Tide from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $6.13.

High Tide Price Performance

Shares of NASDAQ:HITI opened at $2.32 on Thursday. The company has a quick ratio of 0.70, a current ratio of 1.43 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $203.93 million, a PE ratio of -6.82 and a beta of 0.54. The firm’s 50 day moving average price is $2.46 and its 200-day moving average price is $2.87. High Tide has a twelve month low of $1.64 and a twelve month high of $4.06.

High Tide (NASDAQ:HITI) last announced its earnings results on Tuesday, March 17th. The company reported $0.01 EPS for the quarter. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.58%. The business had revenue of $130.88 million during the quarter, compared to analysts’ expectations of $173.80 million. Equities research analysts expect that High Tide will post -0.04 EPS for the current year.

Hedge Funds Weigh In On High Tide

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE purchased a new stake in shares of High Tide during the 4th quarter valued at about $72,000. StoneX Group Inc. purchased a new stake in High Tide during the 2nd quarter valued at $46,000. Murchinson Ltd. bought a new stake in High Tide in the second quarter worth $398,000. Boothbay Fund Management LLC bought a new stake in High Tide in the second quarter worth $110,000. Finally, State of Wyoming boosted its stake in shares of High Tide by 10.5% during the 2nd quarter. State of Wyoming now owns 267,683 shares of the company’s stock worth $616,000 after purchasing an additional 25,442 shares during the period. 4.52% of the stock is owned by hedge funds and other institutional investors.

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.