High Tide Inc. (NASDAQ:HITI) Receives $6.13 Consensus Target Price from Analysts

High Tide Inc. (NASDAQ:HITI) has been given a consensus recommendation of “Moderate Buy” by the five research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research 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 twelve-month target price among analysts that have covered the stock in the last year is $6.1250.

A number of equities research analysts recently commented on the stock. Canaccord Genuity Group increased their price objective on shares of High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research note on Thursday, March 19th. Wall Street Zen cut shares of High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a report on Thursday, January 22nd. Finally, TD Securities initiated coverage on shares of High Tide in a research report on Tuesday, February 24th. They issued a “buy” rating on the stock.

High Tide Stock Up 1.3%

HITI opened at $2.27 on Friday. The business’s fifty day moving average is $2.44 and its two-hundred day moving average is $2.84. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.72 and a current ratio of 1.43. The company has a market cap of $199.53 million, a price-to-earnings ratio of -6.68 and a beta of 0.54. High Tide has a one year low of $1.64 and a one year high of $4.06.

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

Institutional Investors Weigh In On High Tide

Large investors have recently bought and sold shares of the stock. Hillsdale Investment Management Inc. purchased a new stake in High Tide during the 3rd quarter worth about $8,011,000. Osaic Holdings Inc. raised its stake in 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 last quarter. Zweig DiMenna Associates LLC purchased a new position in High Tide in the 3rd quarter valued at about $550,000. State of Wyoming lifted its holdings in High Tide by 10.5% in the 2nd quarter. State of Wyoming now owns 267,683 shares of the company’s stock valued at $616,000 after purchasing an additional 25,442 shares in the last quarter. Finally, Man Group plc acquired a new stake in shares of High Tide during the 4th quarter worth about $76,000. Institutional investors and hedge funds own 4.52% of the company’s stock.

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.