Shares of High Tide Inc. (NASDAQ:HITI – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $5.6250.
A number of equities research analysts have recently commented on the company. D. Boral Capital started coverage on High Tide in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $4.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a research note on Friday, July 17th.
High Tide Stock Performance
High Tide (NASDAQ:HITI – Get Free Report) last released its earnings results on Monday, June 15th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03. High Tide had a negative net margin of 6.62% and a positive return on equity of 3.59%. The firm had revenue of $132.02 million during the quarter, compared to analysts’ expectations of $125.93 million. On average, sell-side analysts predict that High Tide will post 0.03 EPS for the current year.
Institutional Investors Weigh In On High Tide
Several hedge funds have recently modified their holdings of HITI. HRT Financial LP acquired a new position in High Tide during the fourth quarter worth approximately $26,000. Osaic Holdings Inc. boosted its holdings in shares of High Tide by 82,976.9% in the 2nd 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 during the last quarter. Friday Financial purchased a new stake in shares of High Tide during the 2nd quarter valued at $29,000. StoneX Group Inc. purchased a new stake in shares of High Tide during the 4th quarter valued at $41,000. Finally, Spark Investment Management LLC purchased a new stake in shares of High Tide during the 4th quarter valued at $43,000. 4.52% of the stock is owned by institutional investors and hedge funds.
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.
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