High Tide (NASDAQ:HITI) Shares Up 1.4% – Still a Buy?

Shares of High Tide Inc. (NASDAQ:HITI) shot up 1.4% on Tuesday . The company traded as high as $3.62 and last traded at $3.53. 1,291,089 shares were traded during trading, an increase of 115% from the average session volume of 600,689 shares. The stock had previously closed at $3.48.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Roth Capital raised shares of High Tide to a “strong-buy” rating in a report on Friday, November 8th. Roth Mkm reissued a “buy” rating and issued a $4.50 price objective on shares of High Tide in a research note on Wednesday, September 18th.

High Tide Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.78 and a current ratio of 1.26. The company has a market capitalization of $264.68 million, a P/E ratio of -12.43 and a beta of 0.47. The firm’s fifty day moving average is $2.67 and its 200 day moving average is $2.31.

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. As a group, analysts predict that High Tide Inc. will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of High Tide

Several institutional investors and hedge funds have recently modified their holdings of HITI. Virtu Financial LLC purchased a new position in High Tide during the 1st quarter worth $153,000. Perritt Capital Management Inc grew 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 acquiring an additional 60,000 shares in the last quarter. Baader Bank Aktiengesellschaft grew 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 acquiring an additional 51,741 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of High Tide by 58.8% in the 3rd quarter. Jane Street Group LLC now owns 35,252 shares of the company’s stock valued at $72,000 after purchasing an additional 13,052 shares in the last quarter. Institutional investors own 4.52% of the company’s stock.

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.