High Tide Inc. (NASDAQ:HITI) Stock Short Interest Falls 44.4%
by Michael Walen · The Markets DailyHigh Tide Inc. (NASDAQ:HITI – Get Free Report) saw a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 737,996 shares, a drop of 44.4% from the September 15th total of 1,326,387 shares. Based on an average daily volume of 890,146 shares, the short-interest ratio is presently 0.8 days. Currently, 0.9% of the company’s shares are sold short.
Institutional Investors Weigh In On High Tide
Hedge funds have recently modified their holdings of the stock. AXQ Capital LP acquired a new position in High Tide during the 2nd quarter worth approximately $86,000. Friday Financial acquired a new stake in High Tide in the second quarter valued at approximately $29,000. Renaissance Technologies LLC raised its stake in shares of High Tide by 13.0% during the first 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 during the period. Finally, State of Wyoming purchased a new stake in shares of High Tide during the first quarter valued at approximately $387,000. 4.52% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on HITI. Wall Street Zen raised shares of High Tide from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th. Finally, D. Boral Capital initiated coverage on High Tide in a research note on Wednesday, July 22nd. They set a “buy” rating and a $4.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.62.
View Our Latest Stock Report on High Tide
High Tide Trading Down 0.8%
HITI stock traded down $0.02 during trading on Thursday, reaching $2.56. 463,217 shares of the stock traded hands, compared to its average volume of 548,773. The business’s 50 day moving average price is $2.56 and its 200-day moving average price is $2.40. The firm has a market capitalization of $228.20 million, a PE ratio of -11.13 and a beta of 0.56. High Tide has a 52-week low of $2.02 and a 52-week high of $3.60. 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 – Get Free Report) 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 the consensus estimate of $138.97 million. As a group, sell-side analysts forecast that High Tide will post 0.09 earnings per share for the current year.
About High Tide
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.