High Tide (NASDAQ:HITI) Trading 0.4% Higher – Time to Buy?

Shares of High Tide Inc. (NASDAQ:HITI) rose 0.4% during mid-day trading on Monday . The stock traded as high as $2.67 and last traded at $2.62. Approximately 568,180 shares traded hands during trading, an increase of 26% from the average daily volume of 451,616 shares. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.25 target price on shares of High Tide in a report on Wednesday, September 24th. Wall Street Zen raised High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Wednesday, October 8th. Finally, Haywood Securities raised High Tide to a “strong-buy” rating in a report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $6.13.

High Tide Stock Up 0.8%

The business has a 50-day simple moving average of $3.12 and a two-hundred day simple moving average of $2.82. The company has a market capitalization of $232.09 million, a price-to-earnings ratio of -33.25 and a beta of 0.58. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.29 and a current ratio of 1.85.

High Tide (NASDAQ:HITI) last released its quarterly earnings results on Monday, September 15th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. High Tide had a negative return on equity of 6.50% and a negative net margin of 1.66%.The business had revenue of $108.04 million during the quarter, compared to analysts’ expectations of $146.00 million. As a group, equities analysts predict that High Tide Inc. will post -0.04 EPS for the current year.

Institutional Trading of High Tide

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hillsdale Investment Management Inc. acquired a new stake in shares of High Tide in the 3rd quarter valued at approximately $8,011,000. Tidal Investments LLC acquired a new position in High Tide during the third quarter worth $6,030,000. Bank of America Corp DE raised its position in High Tide by 15,484.2% in the third quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock worth $1,527,000 after acquiring an additional 418,074 shares in the last quarter. Two Sigma Investments LP lifted its holdings in High Tide by 452.5% in the third quarter. Two Sigma Investments LP now owns 471,727 shares of the company’s stock valued at $1,712,000 after acquiring an additional 386,340 shares during the period. Finally, Millennium Management LLC lifted its holdings in High Tide by 628.3% in the third quarter. Millennium Management LLC now owns 436,608 shares of the company’s stock valued at $1,585,000 after acquiring an additional 376,659 shares during the period. Hedge funds and other institutional investors own 4.52% of the company’s stock.

About High Tide

High Tide Inc engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Retail and Wholesale segments. It operates licensed retail cannabis stores; and provides data analytics services. In addition, the company manufactures and distributes consumption accessories.