High Tide Inc. (NASDAQ:HITI) Stock Short Interest Declines 44.4%

High Tide Inc. (NASDAQ:HITI) saw a large decrease in short interest in September. As of September 30th, there was short interest totaling 737,996 shares, a decrease of 44.4% from the September 15th total of 1,326,387 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily volume of 890,146 shares, the days-to-cover ratio is currently 0.8 days.

Institutional Trading of High Tide

Several large investors have recently bought and sold shares of the business. State of Wyoming acquired a new position in High Tide during the first quarter worth about $387,000. Renaissance Technologies LLC boosted its stake in shares of High Tide by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock valued at $2,445,000 after purchasing an additional 122,569 shares in the last quarter. TopTier Wealth Management LLC acquired a new stake in shares of High Tide in the 3rd quarter valued at approximately $169,000. AXQ Capital LP bought a new stake in shares of High Tide during the 2nd quarter valued at approximately $86,000. Finally, Friday Financial bought a new stake in shares of High Tide during the 2nd quarter valued at approximately $29,000. 4.52% of the stock is owned by institutional investors and hedge funds.

High Tide Price Performance

NASDAQ:HITI traded up $0.01 during mid-day trading on Friday, reaching $2.57. The stock had a trading volume of 673,639 shares, compared to its average volume of 549,390. High Tide has a 12 month low of $2.02 and a 12 month high of $3.50. The stock has a market capitalization of $229.09 million, a PE ratio of -11.17 and a beta of 0.56. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.50 and a quick ratio of 0.81. The stock has a 50-day simple moving average of $2.56 and a two-hundred day simple moving average of $2.40.

High Tide (NASDAQ:HITI) last released its earnings results on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, topping 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 firm had revenue of $141.74 million during the quarter, compared to analysts’ expectations of $138.97 million. On average, equities analysts anticipate that High Tide will post 0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on HITI shares. D. Boral Capital started coverage on High Tide in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price target for the company. Wall Street Zen raised shares of High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Thursday. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, High Tide presently has a consensus rating of “Moderate Buy” and an average target price of $5.62.

High Tide Company Profile

High Tide Inc is a Canadian cannabis retail and consumer-product company. The company operates adult-use cannabis stores under the Canna Cabana banner and sells cannabis products, accessories and related merchandise through its retail and e-commerce platforms.

High Tide’s retail operations are supported by its Cabana Club loyalty program and Fastendr technology, which is designed to facilitate online ordering and in-store pickup. The company also develops and distributes proprietary cannabis and accessory brands, serving both recreational consumers and medical cannabis customers where permitted by local regulations.

Founded in 2009 and headquartered in Calgary, Alberta, High Tide primarily serves the Canadian cannabis market through its store network and digital channels.