High Tide (NASDAQ:HITI) Raised to Strong-Buy at Roth Capital

Roth Capital upgraded shares of High Tide (NASDAQ:HITI) to a strong-buy rating in a report published on Friday morning,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Ventum Cap Mkts upgraded shares of High Tide to a “strong-buy” rating in a research report on Tuesday, July 16th. Roth Mkm restated a “buy” rating and issued a $4.50 target price on shares of High Tide in a report on Wednesday, September 18th.

High Tide Trading Down 3.6 %

Shares of High Tide stock opened at $2.65 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average price is $2.40 and its 200-day moving average price is $2.24. The company has a market cap of $213.18 million, a price-to-earnings ratio of -9.46 and a beta of 0.39. High Tide has a 12-month low of $1.14 and a 12-month high of $3.12.

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

Institutional Trading of High Tide

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

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.