High Tide (NASDAQ:HITI) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of High Tide (NASDAQ:HITI) from a hold rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

HITI has been the topic of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th. D. Boral Capital began coverage on High Tide in a report on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 target price on the stock. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.62.

High Tide Price Performance

NASDAQ HITI opened at $2.58 on Friday. The company has a 50-day moving average price of $2.37 and a 200-day moving average price of $2.37. High Tide has a 52 week low of $2.02 and a 52 week high of $4.06. The company has a quick ratio of 0.66, a current ratio of 1.50 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $229.59 million, a P/E ratio of -11.22 and a beta of 0.62.

High Tide (NASDAQ:HITI) last posted its quarterly earnings data on Monday, September 14th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. High Tide had a negative net margin of 4.73% and a positive return on equity of 5.13%. The company had revenue of $141.74 million for the quarter, compared to the consensus estimate of $138.97 million. Equities research analysts anticipate that High Tide will post 0.07 earnings per share for the current year.

Hedge Funds Weigh In On High Tide

Several large investors have recently made changes to their positions in the business. AXQ Capital LP bought a new position in shares of High Tide in the second quarter worth about $86,000. Friday Financial bought a new stake in High Tide during the 2nd quarter valued at approximately $29,000. Renaissance Technologies LLC raised its stake in High Tide by 13.0% during the 1st 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 during the period. State of Wyoming purchased a new position in High Tide in the 1st quarter worth approximately $387,000. Finally, Spark Investment Management LLC purchased a new position in High Tide in the 4th quarter worth approximately $43,000. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

High Tide Company Profile

High Tide Inc is a Canadian cannabis company focused on the retail and sale of cannabis products and consumption accessories. Its retail operations are conducted primarily under the Canna Cabana brand, while its digital platforms support online shopping, customer engagement and loyalty programs.

The company offers a range of products, including dried cannabis, pre-rolls, cannabis oils, edibles, beverages and other cannabis formats, subject to applicable regulations. Through related brands and platforms, High Tide also sells smoking accessories and other products designed for cannabis consumers.

Founded in 2009, High Tide is headquartered in Calgary, Alberta, and serves Canadian consumers through its retail network and e-commerce operations.