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

High Tide Inc. (NASDAQ:HITI) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 3,120,000 shares, a decrease of 5.5% from the March 15th total of 3,300,000 shares. Based on an average daily volume of 484,700 shares, the short-interest ratio is currently 6.4 days. Approximately 4.6% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on HITI. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 target price on shares of High Tide in a research report on Monday, March 25th. TheStreet raised High Tide from a “d” rating to a “c-” rating in a research report on Friday, March 15th.

Institutional Investors Weigh In On High Tide

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. acquired a new stake in High Tide in the first quarter worth $53,000. Royal Bank of Canada grew its stake in shares of High Tide by 162.9% in the first quarter. Royal Bank of Canada now owns 18,961 shares of the company’s stock worth $86,000 after purchasing an additional 11,748 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of High Tide in the second quarter worth $29,000. Millennium Management LLC bought a new position in shares of High Tide in the second quarter worth $80,000. Finally, Jane Street Group LLC grew its stake in shares of High Tide by 279.7% in the first quarter. Jane Street Group LLC now owns 53,384 shares of the company’s stock worth $72,000 after purchasing an additional 39,324 shares in the last quarter. 4.52% of the stock is owned by institutional investors and hedge funds.

High Tide Stock Down 0.9 %

HITI stock opened at $2.24 on Tuesday. High Tide has a 12-month low of $1.14 and a 12-month high of $2.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 0.69. The stock’s 50 day simple moving average is $1.91 and its 200 day simple moving average is $1.71.

High Tide (NASDAQ:HITI) last issued its earnings results on Monday, March 18th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. High Tide had a negative return on equity of 2.03% and a negative net margin of 7.46%. The firm had revenue of $94.76 million for the quarter, compared to analyst estimates of $94.43 million. During the same period last year, the company earned ($0.05) earnings per share.

High Tide Company Profile

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.