High Tide Inc. (NASDAQ:HITI) Short Interest Down 59.8% in May

High Tide Inc. (NASDAQ:HITI) saw a significant decline in short interest during the month of May. As of May 15th, there was short interest totaling 331,907 shares, a decline of 59.8% from the April 30th total of 825,383 shares. Based on an average daily trading volume, of 376,280 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.4% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several research firms have issued reports on HITI. Wall Street Zen cut High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Canaccord Genuity Group increased their price objective on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research note on Thursday, March 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research note on Tuesday, April 21st. Finally, TD Securities initiated coverage on High Tide in a research note on Tuesday, February 24th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.13.

High Tide Stock Performance

NASDAQ:HITI traded down $0.05 during midday trading on Friday, reaching $2.45. 412,394 shares of the company traded hands, compared to its average volume of 347,987. High Tide has a twelve month low of $2.10 and a twelve month high of $4.06. The firm has a market capitalization of $215.36 million, a price-to-earnings ratio of -7.21 and a beta of 0.58. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.43 and a quick ratio of 0.72. The company has a fifty day moving average price of $2.38 and a 200 day moving average price of $2.51.

High Tide (NASDAQ:HITI) last released its quarterly earnings data on Tuesday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%.The business had revenue of $130.88 million during the quarter, compared to analyst estimates of $173.80 million. On average, analysts expect that High Tide will post 0.03 EPS for the current fiscal year.

Institutional Trading of High Tide

Several hedge funds have recently added to or reduced their stakes in HITI. Bank of America Corp DE bought a new stake in High Tide during the 4th quarter valued at $72,000. StoneX Group Inc. bought a new stake in shares of High Tide in the 2nd quarter worth $46,000. Murchinson Ltd. bought a new stake in shares of High Tide in the 2nd quarter worth $398,000. Boothbay Fund Management LLC bought a new stake in shares of High Tide in the 2nd quarter worth $110,000. Finally, Osaic Holdings Inc. raised its stake 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 worth $25,000 after buying an additional 10,787 shares in the last quarter. Institutional investors own 4.52% of the company’s stock.

High Tide Company Profile

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.