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

High Tide Inc. (NASDAQ:HITI) was the target of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 4,460,000 shares, a drop of 6.1% from the August 31st total of 4,750,000 shares. Currently, 6.1% of the shares of the stock are sold short. Based on an average daily volume of 449,000 shares, the days-to-cover ratio is presently 9.9 days.

Analysts Set New Price Targets

HITI has been the topic of a number of recent research reports. Roth Mkm restated a “buy” rating and set a $4.50 price objective on shares of High Tide in a research report on Wednesday, September 18th. Ventum Cap Mkts upgraded High Tide to a “strong-buy” rating in a report on Tuesday, July 16th.

Institutional Trading of High Tide

A number of large investors have recently made changes to their positions in the stock. Perritt Capital Management Inc raised its stake in shares of High Tide by 92.3% during the second quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock valued at $276,000 after acquiring an additional 60,000 shares in the last quarter. Baader Bank Aktiengesellschaft increased its holdings in High Tide by 25.9% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 251,741 shares of the company’s stock worth $555,000 after purchasing an additional 51,741 shares during the period. Virtu Financial LLC bought a new stake in High Tide during the 1st quarter valued at $153,000. Perritt Capital Management Inc. bought a new position in shares of High Tide during the 1st quarter worth $132,000. Finally, Quadrature Capital Ltd bought a new stake in shares of High Tide in the first quarter valued at about $32,000. 4.52% of the stock is owned by hedge funds and other institutional investors.

High Tide Price Performance

HITI stock opened at $2.09 on Monday. The stock has a market cap of $168.13 million, a PE ratio of -6.31 and a beta of 0.47. High Tide has a 12 month low of $1.14 and a 12 month high of $2.85. The company has a 50-day moving average price of $1.97 and a 200 day moving average price of $2.13. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20.

High Tide (NASDAQ:HITI) last released its earnings results on Monday, September 16th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. High Tide had a positive return on equity of 2.06% and a negative net margin of 6.14%. The firm had revenue of $96.04 million for the quarter, compared to analysts’ expectations of $93.70 million. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. Equities research analysts anticipate that High Tide will post -0.01 earnings per share for the current year.

High Tide Company Profile

High Tide Inc engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Retail and Wholesale segments. It operates licensed retail cannabis stores; and provides data analytics services. In addition, the company manufactures and distributes consumption accessories.