High Tide Inc. (NASDAQ:HITI) Receives $6.13 Consensus PT from Brokerages

High Tide Inc. (NASDAQ:HITI) has earned an average recommendation of “Moderate Buy” from the five analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $6.1250.

Several brokerages have commented on HITI. Canaccord Genuity Group upped their price objective on shares of High Tide from $7.00 to $7.25 and gave the stock a “buy” rating in a report on Thursday, March 19th. Wall Street Zen lowered shares of High Tide from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. Finally, TD Securities began coverage on shares of High Tide in a research note on Tuesday, February 24th. They issued a “buy” rating for the company.

High Tide Price Performance

Shares of HITI stock opened at $2.43 on Wednesday. The firm has a market cap of $213.60 million, a P/E ratio of -7.15 and a beta of 0.57. High Tide has a fifty-two week low of $2.10 and a fifty-two week high of $4.06. The business’s 50 day moving average price is $2.39 and its 200-day moving average price is $2.69. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.72 and a current ratio of 1.43.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. lifted its stake in shares of High Tide by 82,976.9% in the 2nd 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. HRT Financial LP purchased a new stake in High Tide in the fourth quarter worth $26,000. StoneX Group Inc. bought a new position in High Tide in the fourth quarter worth $41,000. Spark Investment Management LLC purchased a new position in High Tide during the fourth quarter valued at $43,000. Finally, Bank of America Corp DE purchased a new position in High Tide during the fourth quarter valued at $72,000. Institutional investors own 4.52% of the company’s stock.

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.