High Tide Inc. (NASDAQ:HITI) Sees Large Drop in Short Interest

High Tide Inc. (NASDAQ:HITI) was the target of a large decline in short interest in the month of May. As of May 15th, there was short interest totaling 331,907 shares, a decline of 59.8% from the April 30th total of 825,383 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average daily trading volume, of 376,280 shares, the days-to-cover ratio is currently 0.9 days.

High Tide Price Performance

HITI traded down $0.02 during midday trading on Monday, hitting $2.43. 313,789 shares of the company traded hands, compared to its average volume of 444,890. The business has a 50 day simple moving average of $2.38 and a two-hundred day simple moving average of $2.51. High Tide has a 52-week low of $2.10 and a 52-week high of $4.06. The company has a market capitalization of $213.60 million, a price-to-earnings ratio of -7.15 and a beta of 0.58. The company has a current ratio of 1.43, a quick ratio of 0.72 and a debt-to-equity ratio of 0.84.

High Tide (NASDAQ:HITI) last announced its earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share (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 for the quarter, compared to analyst estimates of $173.80 million. On average, equities analysts forecast that High Tide will post 0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

Several large investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. purchased a new stake in High Tide during the 3rd quarter worth approximately $8,011,000. Tidal Investments LLC purchased a new stake in High Tide during the 3rd quarter worth approximately $6,030,000. Millennium Management LLC increased its stake in High Tide by 154.7% during the 4th quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock worth $2,947,000 after buying an additional 675,396 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of High Tide by 13.0% in the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock valued at $2,445,000 after purchasing an additional 122,569 shares in the last quarter. Finally, Walleye Capital LLC grew its position in shares of High Tide by 13.6% in the fourth quarter. Walleye Capital LLC now owns 825,338 shares of the company’s stock valued at $2,187,000 after purchasing an additional 98,524 shares in the last quarter. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. TD Securities assumed coverage on High Tide in a report on Tuesday, February 24th. They issued a “buy” rating for the company. Canaccord Genuity Group boosted their price objective on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a report on Thursday, March 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.13.

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.