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

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

Hedge Funds Weigh In On High Tide

Large investors have recently made changes to their positions in the business. Bank of America Corp DE acquired a new stake in shares of High Tide in the 4th quarter worth $72,000. Revisor Wealth Management LLC purchased a new stake in High Tide in the second quarter valued at about $32,000. AdvisorShares Investments LLC increased its holdings in shares of High Tide by 2.2% during the second quarter. AdvisorShares Investments LLC now owns 1,475,990 shares of the company’s stock valued at $3,395,000 after acquiring an additional 31,340 shares in the last quarter. StoneX Group Inc. acquired a new stake in High Tide in the 2nd quarter worth approximately $46,000. Finally, Murchinson Ltd. purchased a new stake in High Tide during the 2nd quarter worth approximately $398,000. 4.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

High Tide Stock Up 1.9%

HITI stock traded up $0.05 during trading on Monday, reaching $2.71. 296,294 shares of the company traded hands, compared to its average volume of 600,345. High Tide has a 12 month low of $1.64 and a 12 month high of $4.06. The company has a market capitalization of $238.05 million, a price-to-earnings 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 business has a 50 day simple moving average of $2.73 and a 200 day simple moving average of $2.91.

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.