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

High Tide Inc. (NASDAQ:HITIGet Free Report) 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.

Read Our Latest Research Report on HITI

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:HITIGet Free Report) 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

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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.

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