High Tide Inc. (NASDAQ:HITI) Receives $5.62 Consensus Price Target from Brokerages

Shares of High Tide Inc. (NASDAQ:HITI) have received a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $5.6250.

HITI has been the topic of several research analyst reports. D. Boral Capital assumed coverage on shares of High Tide in a research note on Wednesday. They set a “buy” rating and a $4.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th.

Institutional Trading of High Tide

Several institutional investors and hedge funds have recently bought and sold shares of the stock. HRT Financial LP purchased a new stake in High Tide in the 4th quarter worth about $26,000. Osaic Holdings Inc. grew its stake in High Tide by 82,976.9% during the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after acquiring an additional 10,787 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of High Tide by 35.8% in the 4th quarter. XTX Topco Ltd now owns 42,606 shares of the company’s stock valued at $113,000 after purchasing an additional 11,222 shares during the period. Friday Financial purchased a new stake in shares of High Tide in the second quarter worth approximately $29,000. Finally, StoneX Group Inc. acquired a new stake in shares of High Tide during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 4.52% of the company’s stock.

High Tide Stock Performance

NASDAQ:HITI opened at $2.15 on Wednesday. The firm has a 50-day moving average of $2.29 and a two-hundred day moving average of $2.39. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 0.66. The stock has a market cap of $188.92 million, a P/E ratio of -6.94 and a beta of 0.59. High Tide has a 1-year low of $2.09 and a 1-year high of $4.06.

High Tide (NASDAQ:HITI) last issued its quarterly earnings results on Monday, June 15th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03. High Tide had a negative net margin of 6.62% and a positive return on equity of 3.59%. The business had revenue of $132.02 million for the quarter, compared to analysts’ expectations of $125.93 million. On average, research analysts expect that High Tide will post 0.03 earnings per share for the current fiscal year.

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.