Stock Traders Buy Large Volume of Call Options on High Tide (NASDAQ:HITI)

High Tide Inc. (NASDAQ:HITI) was the recipient of some unusual options trading on Monday. Stock investors purchased 9,371 call options on the stock. This represents an increase of approximately 1,151% compared to the typical daily volume of 749 call options.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of HITI. Hillsdale Investment Management Inc. purchased a new stake in shares of High Tide during the 3rd quarter worth $8,011,000. Tidal Investments LLC purchased a new position in shares of High Tide in the 3rd quarter valued at about $6,030,000. AdvisorShares Investments LLC increased its holdings in shares of High Tide by 2.2% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,475,990 shares of the company’s stock valued at $3,395,000 after purchasing an additional 31,340 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of High Tide by 452.5% in the third quarter. Two Sigma Investments LP now owns 471,727 shares of the company’s stock valued at $1,712,000 after purchasing an additional 386,340 shares during the period. Finally, Millennium Management LLC boosted its holdings in High Tide by 628.3% during the third quarter. Millennium Management LLC now owns 436,608 shares of the company’s stock worth $1,585,000 after buying an additional 376,659 shares in the last quarter. Hedge funds and other institutional investors own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HITI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. Wall Street Zen cut High Tide from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.13.

High Tide Trading Down 1.7%

NASDAQ HITI opened at $2.38 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 1.37 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $209.30 million, a P/E ratio of -6.43 and a beta of 0.57. High Tide has a 52-week low of $1.64 and a 52-week high of $4.06. The firm has a 50-day moving average price of $2.60 and a 200 day moving average price of $2.92.

High Tide (NASDAQ:HITI) last released its earnings results on Thursday, January 29th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $117.02 million for the quarter, compared to analysts’ expectations of $158.91 million. High Tide had a negative return on equity of 2.37% and a negative net margin of 8.68%. Equities research analysts expect that High Tide will post -0.04 EPS for the current year.

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.