High Tide (NASDAQ:HITI) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of High Tide (NASDAQ:HITI) from a buy rating to a hold rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

A number of other research firms have also weighed in on HITI. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research report on Friday, July 17th. D. Boral Capital began coverage on High Tide in a report on Wednesday, July 22nd. They set a “buy” rating and a $4.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, High Tide currently has a consensus rating of “Moderate Buy” and an average price target of $5.62.

High Tide Stock Performance

High Tide stock opened at $2.79 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.81 and a current ratio of 1.50. The firm has a market cap of $248.70 million, a price-to-earnings ratio of -12.13 and a beta of 0.62. High Tide has a 1 year low of $2.02 and a 1 year high of $3.89. The firm’s 50 day moving average price is $2.42 and its two-hundred day moving average price is $2.38.

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

Institutional Investors Weigh In On High Tide

A number of institutional investors have recently bought and sold shares of HITI. Friday Financial purchased a new position in High Tide during the 2nd quarter valued at about $29,000. Spark Investment Management LLC acquired a new position in shares of High Tide in the 4th quarter valued at about $43,000. AXQ Capital LP purchased a new stake in shares of High Tide in the second quarter worth approximately $86,000. State of Wyoming purchased a new stake in shares of High Tide in the first quarter worth approximately $387,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of High Tide by 13.0% during the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock worth $2,445,000 after purchasing an additional 122,569 shares during the period. 4.52% of the stock is currently owned by institutional investors and hedge funds.

About High Tide

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.