Wall Street Zen Downgrades High Tide (NASDAQ:HITI) to Hold

High Tide (NASDAQ:HITI) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, High Tide has an average rating of “Moderate Buy” and a consensus price target of $6.13.

High Tide Stock Performance

Shares of NASDAQ:HITI opened at $2.23 on Friday. The firm has a 50 day moving average of $2.64 and a 200 day moving average of $2.92. The company has a quick ratio of 1.29, a current ratio of 1.85 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $196.11 million, a price-to-earnings ratio of -6.03 and a beta of 0.57. High Tide has a 52 week low of $1.64 and a 52 week high of $4.06.

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. High Tide had a negative return on equity of 2.20% and a negative net margin of 8.68%.The firm had revenue of $117.02 million during the quarter, compared to analyst estimates of $158.91 million. On average, sell-side analysts predict that High Tide will post -0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of HITI. Bank of America Corp DE purchased a new stake in shares of High Tide during the fourth quarter valued at $72,000. AdvisorShares Investments LLC boosted its position in High Tide by 2.2% in the second quarter. AdvisorShares Investments LLC now owns 1,475,990 shares of the company’s stock valued at $3,395,000 after buying an additional 31,340 shares during the last quarter. StoneX Group Inc. acquired a new position in High Tide in the 2nd quarter worth approximately $46,000. Murchinson Ltd. purchased a new position in High Tide during the 2nd quarter worth approximately $398,000. Finally, Boothbay Fund Management LLC acquired a new stake in High Tide during the 2nd quarter valued at approximately $110,000. Institutional investors and hedge funds 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.