High Tide Inc. (NASDAQ:HITI) Sees Large Growth in Short Interest

High Tide Inc. (NASDAQ:HITI) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 4,290,000 shares, an increase of 5.9% from the December 31st total of 4,050,000 shares. Approximately 5.9% of the shares of the company are sold short. Based on an average daily volume of 798,100 shares, the short-interest ratio is presently 5.4 days.

High Tide Price Performance

Shares of HITI opened at $2.61 on Tuesday. The company has a market capitalization of $211.15 million, a price-to-earnings ratio of -87.00 and a beta of 0.46. The business’s 50-day moving average is $3.10 and its 200-day moving average is $2.55. High Tide has a fifty-two week low of $1.57 and a fifty-two week high of $3.62. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.40 and a quick ratio of 0.92.

High Tide (NASDAQ:HITI) last announced its earnings results on Wednesday, January 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). High Tide had a negative return on equity of 2.93% and a negative net margin of 0.81%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Benin Management CORP grew its holdings in shares of High Tide by 100.0% during the fourth quarter. Benin Management CORP now owns 20,000 shares of the company’s stock worth $62,000 after purchasing an additional 10,000 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of High Tide by 58.8% during the third quarter. Jane Street Group LLC now owns 35,252 shares of the company’s stock worth $72,000 after purchasing an additional 13,052 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of High Tide during the fourth quarter worth $451,000. 4.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Roth Capital upgraded shares of High Tide to a “strong-buy” rating in a research note on Friday, November 8th.

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.