High Tide (NASDAQ:HITI) Rating Lowered to Hold at Wall Street Zen

High Tide (NASDAQ:HITI) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday, Wall Street Zen reports.

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

High Tide Price Performance

High Tide stock opened at $2.81 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.81 and a current ratio of 1.50. High Tide has a 52 week low of $2.02 and a 52 week high of $3.89. The stock has a market capitalization of $250.48 million, a P/E ratio of -12.22 and a beta of 0.62. The stock has a fifty day moving average of $2.44 and a 200-day moving average of $2.38.

High Tide (NASDAQ:HITI) last released its quarterly earnings data on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.08. High Tide had a positive return on equity of 5.13% and a negative net margin of 4.73%.The business had revenue of $141.74 million for the quarter, compared to analyst estimates of $138.97 million. On average, sell-side analysts expect that High Tide will post 0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On High Tide

A number of institutional investors and hedge funds have recently bought and sold shares of HITI. Friday Financial bought a new position in High Tide in the second quarter valued at about $29,000. Spark Investment Management LLC bought a new stake in shares of High Tide during the fourth quarter worth about $43,000. AXQ Capital LP bought a new stake in shares of High Tide during the second quarter worth about $86,000. State of Wyoming acquired a new position in shares of High Tide in the first quarter valued at approximately $387,000. Finally, Renaissance Technologies LLC increased its stake in shares of High Tide by 13.0% in the first quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock valued at $2,445,000 after buying an additional 122,569 shares during the period. Institutional investors and hedge funds own 4.52% of the company’s stock.

About High Tide

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.