High Tide (NASDAQ:HITI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of High Tide (NASDAQ:HITI) from a hold rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.

Other research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a report on Friday, July 17th. D. Boral Capital assumed coverage on High Tide in a research note on Wednesday, July 22nd. They set a “buy” rating and a $4.00 target price for the company. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, High Tide has an average rating of “Moderate Buy” and a consensus price target of $5.62.

High Tide Stock Performance

Shares of HITI stock opened at $2.63 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.81 and a debt-to-equity ratio of 0.82. The firm has a fifty day moving average price of $2.38 and a 200 day moving average price of $2.37. The company has a market cap of $234.04 million, a P/E ratio of -11.43 and a beta of 0.62. High Tide has a 12 month low of $2.02 and a 12 month high of $3.92.

High Tide (NASDAQ:HITI) last posted its quarterly earnings results on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Sell-side analysts predict that High Tide will post 0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

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

High Tide Company Profile

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.