High Tide Inc. (NASDAQ:HITI) Sees Large Growth in Short Interest

High Tide Inc. (NASDAQ:HITI) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 4,610,000 shares, a growth of 47.8% from the March 31st total of 3,120,000 shares. Currently, 6.8% of the company’s stock are short sold. Based on an average daily trading volume, of 578,700 shares, the days-to-cover ratio is presently 8.0 days.

Wall Street Analyst Weigh In

HITI has been the topic of a number of analyst reports. TheStreet upgraded shares of High Tide from a “d” rating to a “c-” rating in a report on Friday, March 15th. Roth Mkm reaffirmed a “buy” rating and set a $4.50 price target on shares of High Tide in a report on Monday, March 25th.

High Tide Trading Down 2.5 %

Shares of High Tide stock traded down $0.05 during trading hours on Monday, hitting $1.98. The company had a trading volume of 697,594 shares, compared to its average volume of 531,010. The company’s 50-day moving average is $1.98 and its two-hundred day moving average is $1.74. High Tide has a twelve month low of $1.14 and a twelve month high of $2.85. The company has a current ratio of 1.13, a quick ratio of 0.69 and a debt-to-equity ratio of 0.20.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HITI. Hillsdale Investment Management Inc. purchased a new position in High Tide during the fourth quarter worth about $1,134,000. AdvisorShares Investments LLC increased its position in High Tide by 13.4% during the 3rd quarter. AdvisorShares Investments LLC now owns 1,558,342 shares of the company’s stock worth $2,883,000 after purchasing an additional 184,280 shares during the period. JW Asset Management LLC purchased a new position in shares of High Tide during the 3rd quarter worth approximately $139,000. Finally, Revisor Wealth Management LLC acquired a new stake in shares of High Tide in the 1st quarter valued at approximately $27,000. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

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.