High Tide (NASDAQ:HITI) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of High Tide (NASDAQ:HITI) from a buy rating to a hold rating in a report issued on Sunday,Wall Street Zen reports.

HITI has been the subject of a number of other reports. D. Boral Capital started coverage on shares of High Tide in a research report on Wednesday, July 22nd. They set a “buy” rating and a $4.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, High Tide presently has an average rating of “Moderate Buy” and an average price target of $5.62.

High Tide Trading Down 0.4%

Shares of HITI stock opened at $2.80 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.50 and a debt-to-equity ratio of 0.82. High Tide has a fifty-two week low of $2.02 and a fifty-two week high of $3.80. The firm’s 50 day moving average price is $2.45 and its two-hundred day moving average price is $2.38. The stock has a market cap of $249.59 million, a price-to-earnings ratio of -12.17 and a beta of 0.62.

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

Institutional Trading of High Tide

A number of hedge funds have recently made changes to their positions in the company. AXQ Capital LP purchased a new stake in High Tide during the 2nd quarter worth $86,000. Friday Financial acquired a new position in High Tide in the 2nd quarter worth $29,000. Renaissance Technologies LLC boosted its position in 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 buying an additional 122,569 shares during the last quarter. State of Wyoming purchased a new position in High Tide in the 1st quarter valued at about $387,000. Finally, Spark Investment Management LLC acquired a new stake in shares of High Tide during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 4.52% of the company’s stock.

High Tide Company Profile

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.