High Tide Inc. (NASDAQ:HITI) Short Interest Update

High Tide Inc. (NASDAQ:HITI) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 1,326,387 shares, a growth of 78.2% from the August 31st total of 744,306 shares. Based on an average daily trading volume, of 920,194 shares, the days-to-cover ratio is currently 1.4 days. Currently, 1.7% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th. Wall Street Zen cut shares of High Tide from a “buy” rating to a “hold” rating in a report on Sunday. Finally, D. Boral Capital assumed coverage on High Tide in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.62.

High Tide Stock Performance

HITI stock traded down $0.01 on Tuesday, reaching $2.80. 574,613 shares of the company were exchanged, compared to its average volume of 546,315. The firm has a market capitalization of $249.59 million, a PE ratio of -12.17 and a beta of 0.62. High Tide has a 12 month low of $2.02 and a 12 month high of $3.80. The stock’s fifty day moving average price is $2.44 and its 200 day moving average price is $2.38. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.50 and a quick ratio of 0.81.

High Tide (NASDAQ:HITI) last issued 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 firm had revenue of $141.74 million during the quarter, compared to the consensus estimate of $138.97 million. High Tide had a negative net margin of 4.73% and a positive return on equity of 5.13%. On average, research analysts anticipate that High Tide will post 0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On High Tide

Several large investors have recently added to or reduced their stakes in HITI. Renaissance Technologies LLC lifted its position 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 worth $2,445,000 after acquiring an additional 122,569 shares during the period. State of Wyoming bought a new stake in shares of High Tide during the first quarter valued at approximately $387,000. AXQ Capital LP bought a new stake in shares of High Tide during the second quarter valued at approximately $86,000. Spark Investment Management LLC bought a new position in High Tide in the fourth quarter worth $43,000. Finally, Friday Financial bought a new position in High Tide in the second quarter worth $29,000. 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.