High Tide Inc. (NASDAQ:HITI) Short Interest Update

High Tide Inc. (NASDAQ:HITI) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totaling 396,357 shares, a decrease of 88.9% from the December 15th total of 3,575,667 shares. Approximately 0.5% of the company’s shares are sold short. Based on an average daily trading volume, of 791,649 shares, the short-interest ratio is currently 0.5 days. Based on an average daily trading volume, of 791,649 shares, the short-interest ratio is currently 0.5 days. Approximately 0.5% of the company’s shares are sold short.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.25 price objective on shares of High Tide in a research report on Wednesday, September 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a report on Wednesday, October 8th. Finally, Wall Street Zen raised High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.13.

High Tide Trading Up 1.9%

HITI traded up $0.05 during trading on Monday, reaching $2.71. 296,294 shares of the company’s stock were exchanged, compared to its average volume of 600,345. High Tide has a fifty-two week low of $1.64 and a fifty-two week high of $4.06. The firm has a market capitalization of $238.05 million, a PE ratio of -33.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.29 and a current ratio of 1.85. The company’s fifty day moving average price is $2.73 and its 200-day moving average price is $2.91.

Institutional Trading of High Tide

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. increased 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. Revisor Wealth Management LLC bought a new position in shares of High Tide during the 2nd quarter worth approximately $32,000. StoneX Group Inc. acquired a new stake in High Tide in the second quarter valued at approximately $46,000. Bank of America Corp DE purchased a new stake in High Tide in the 4th quarter valued at $72,000. Finally, State of Wyoming grew its stake 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 during the period. Institutional investors 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.