High Tide Inc. (NASDAQ:HITI) Receives Consensus Recommendation of “Moderate Buy” from Analysts

High Tide Inc. (NASDAQ:HITI) has received a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $6.1250.

HITI has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Tuesday, April 21st. TD Securities assumed coverage on High Tide in a report on Tuesday, February 24th. They set a “buy” rating for the company. Finally, Canaccord Genuity Group increased their price target on High Tide from $7.00 to $7.25 and gave the stock a “buy” rating in a report on Thursday, March 19th.

High Tide Stock Down 2.9%

HITI stock opened at $2.32 on Thursday. The company’s 50 day moving average price is $2.39 and its 200 day moving average price is $2.50. 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 has a fifty-two week low of $2.10 and a fifty-two week high of $4.06. The firm has a market capitalization of $203.93 million, a price-to-earnings ratio of -6.82 and a beta of 0.58.

High Tide (NASDAQ:HITI) last released its earnings results on Tuesday, March 17th. The company reported $0.01 earnings per share for the quarter. The firm had revenue of $130.88 million for the quarter, compared to analyst estimates of $173.80 million. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.58%. On average, equities research analysts anticipate that High Tide will post 0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On High Tide

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE purchased a new position in shares of High Tide in the fourth quarter valued at $72,000. StoneX Group Inc. purchased a new stake in High Tide during the 2nd quarter worth about $46,000. Murchinson Ltd. purchased a new stake in High Tide during the 2nd quarter worth about $398,000. Boothbay Fund Management LLC purchased a new stake in High Tide in the 2nd quarter valued at about $110,000. Finally, Osaic Holdings Inc. grew its holdings 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 buying an additional 10,787 shares during the period. 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.