High Tide (NASDAQ:HITI) Rating Increased to Strong-Buy at Roth Capital

Roth Capital upgraded shares of High Tide (NASDAQ:HITI) to a strong-buy rating in a report issued on Friday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Roth Mkm reiterated a “buy” rating and issued a $4.50 target price on shares of High Tide in a research note on Wednesday, September 18th. Ventum Cap Mkts raised High Tide to a “strong-buy” rating in a report on Tuesday, July 16th.

High Tide Price Performance

HITI stock opened at $2.66 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.78 and a current ratio of 1.26. High Tide has a 1 year low of $1.14 and a 1 year high of $3.12. The firm has a market cap of $213.99 million, a P/E ratio of -9.46 and a beta of 0.39. The stock has a 50-day simple moving average of $2.40 and a 200-day simple moving average of $2.24.

High Tide (NASDAQ:HITI) last posted its earnings results on Monday, September 16th. The company reported $0.01 earnings per share (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 business had revenue of $96.04 million during the quarter, compared to analyst estimates of $93.70 million. During the same quarter last year, the firm earned ($0.03) earnings per share. On average, equities analysts predict that High Tide will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new position in High Tide in the first quarter valued at about $32,000. Baader Bank Aktiengesellschaft lifted 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 buying an additional 51,741 shares during the last quarter. Perritt Capital Management Inc lifted its holdings in High Tide by 92.3% during the 2nd quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock worth $276,000 after buying an additional 60,000 shares during the last quarter. Perritt Capital Management Inc. bought a new position in High Tide during the 1st quarter worth approximately $132,000. Finally, Virtu Financial LLC bought a new stake in shares of High Tide in the 1st quarter worth approximately $153,000. Hedge funds and other institutional investors own 4.52% of the company’s stock.

About High Tide

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.