High Tide Inc. (NASDAQ:HITI) Receives $5.62 Consensus Price Target from Analysts

High Tide Inc. (NASDAQ:HITI) has been assigned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $5.6250.

HITI has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th. D. Boral Capital assumed coverage on shares of High Tide in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective on the stock.

High Tide Stock Performance

NASDAQ HITI opened at $2.45 on Friday. The company has a market cap of $215.55 million, a price-to-earnings ratio of -7.90 and a beta of 0.62. High Tide has a 52 week low of $2.02 and a 52 week high of $4.06. The business has a 50 day moving average price of $2.25 and a 200-day moving average price of $2.34. The company has a quick ratio of 0.66, a current ratio of 1.46 and a debt-to-equity ratio of 0.89.

High Tide (NASDAQ:HITI) last issued its earnings results on Monday, June 15th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. High Tide had a positive return on equity of 3.59% and a negative net margin of 6.62%.The company had revenue of $132.02 million for the quarter, compared to analyst estimates of $125.93 million. As a group, equities analysts expect that High Tide will post 0.03 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 made changes to their positions in the business. Bank of America Corp DE acquired a new position in High Tide during the 4th quarter valued at about $72,000. StoneX Group Inc. bought a new stake in High Tide during the 2nd quarter worth approximately $46,000. Murchinson Ltd. purchased a new stake in shares of High Tide in the second quarter worth approximately $398,000. Boothbay Fund Management LLC purchased a new stake in shares of High Tide in the second quarter worth approximately $110,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of High Tide by 82,976.9% in the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after purchasing an additional 10,787 shares in the last quarter. Institutional investors and hedge funds own 4.52% of the company’s stock.

About High Tide

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.