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

High Tide Inc. (NASDAQ:HITI) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 4,230,000 shares, a growth of 7.1% from the September 30th total of 3,950,000 shares. Approximately 5.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 544,300 shares, the days-to-cover ratio is presently 7.8 days.

Analyst Ratings Changes

Several research firms have recently weighed in on HITI. Roth Mkm reissued a “buy” rating and issued a $4.50 price target on shares of High Tide in a research note on Wednesday, September 18th. Ventum Cap Mkts raised shares of High Tide to a “strong-buy” rating in a research note on Tuesday, July 16th.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd purchased a new position in High Tide during the first quarter worth about $32,000. Perritt Capital Management Inc. acquired a new stake in High Tide in the 1st quarter valued at approximately $132,000. Virtu Financial LLC acquired a new stake in High Tide in the 1st quarter valued at approximately $153,000. Perritt Capital Management Inc raised its position in High Tide by 92.3% in the second quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock valued at $276,000 after purchasing an additional 60,000 shares during the period. Finally, Baader Bank Aktiengesellschaft lifted its stake in High Tide by 25.9% during the second quarter. Baader Bank Aktiengesellschaft now owns 251,741 shares of the company’s stock worth $555,000 after purchasing an additional 51,741 shares in the last quarter. 4.52% of the stock is currently owned by institutional investors and hedge funds.

High Tide Trading Down 1.7 %

Shares of HITI traded down $0.05 during midday trading on Thursday, reaching $2.82. The company had a trading volume of 410,388 shares, compared to its average volume of 559,167. High Tide has a 1-year low of $1.14 and a 1-year high of $3.12. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.20. The firm has a 50 day simple moving average of $2.29 and a 200-day simple moving average of $2.20. The stock has a market cap of $226.86 million, a PE ratio of -10.07 and a beta of 0.48.

High Tide (NASDAQ:HITI) last released its quarterly earnings data on Monday, September 16th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. High Tide had a negative net margin of 6.14% and a positive return on equity of 2.06%. The firm had revenue of $96.04 million during the quarter, compared to analysts’ expectations of $93.70 million. During the same period last year, the business earned ($0.03) earnings per share. Research analysts forecast that High Tide will post -0.01 EPS for the current fiscal year.

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.