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

High Tide Inc. (NASDAQ:HITI) saw a significant decrease in short interest during the month of May. As of May 15th, there was short interest totaling 331,907 shares, a decrease of 59.8% from the April 30th total of 825,383 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily volume of 376,280 shares, the short-interest ratio is presently 0.9 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its stake in High Tide by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company’s stock worth $2,445,000 after purchasing an additional 122,569 shares during the period. State of Wyoming bought a new position in High Tide in the 1st quarter worth approximately $387,000. NewEdge Advisors LLC bought a new position in High Tide in the 4th quarter worth approximately $129,000. XTX Topco Ltd raised its holdings in shares of High Tide by 35.8% during the 4th quarter. XTX Topco Ltd now owns 42,606 shares of the company’s stock worth $113,000 after acquiring an additional 11,222 shares in the last quarter. Finally, Oxford Asset Management LLP purchased a new stake in shares of High Tide during the 4th quarter worth approximately $123,000. 4.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HITI. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a report on Tuesday, April 21st. Canaccord Genuity Group lifted their price target on High Tide from $7.00 to $7.25 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Finally, TD Securities started coverage on High Tide in a research report on Tuesday, February 24th. They issued a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, High Tide presently has an average rating of “Moderate Buy” and a consensus target price of $6.13.

High Tide Trading Down 0.8%

High Tide stock opened at $2.43 on Tuesday. The business has a 50-day simple moving average of $2.38 and a two-hundred day simple moving average of $2.50. The company has a market cap of $213.60 million, a P/E ratio of -7.15 and a beta of 0.58. High Tide has a 52-week low of $2.10 and a 52-week high of $4.06. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84.

High Tide (NASDAQ:HITI) last announced its quarterly earnings data on Tuesday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter. The company had revenue of $130.88 million during the quarter, compared to the consensus estimate of $173.80 million. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%. Analysts predict that High Tide will post 0.03 EPS for the current year.

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.