High Tide Inc. (NASDAQ:HITI) Short Interest Down 5.5% in March

High Tide Inc. (NASDAQ:HITI) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 3,120,000 shares, a decline of 5.5% from the March 15th total of 3,300,000 shares. Based on an average daily volume of 484,700 shares, the short-interest ratio is presently 6.4 days. Currently, 4.6% of the shares of the company are short sold.

Analyst Ratings Changes

A number of brokerages recently commented on HITI. TheStreet upgraded High Tide from a “d” rating to a “c-” rating in a research report on Friday, March 15th. Roth Mkm reiterated a “buy” rating and issued a $4.50 price target on shares of High Tide in a research note on Monday, March 25th.

Institutional Investors Weigh In On High Tide

A number of institutional investors and hedge funds have recently bought and sold shares of HITI. JW Asset Management LLC bought a new stake in High Tide in the 3rd quarter worth about $139,000. AdvisorShares Investments LLC increased its position in shares of High Tide by 13.4% during the third quarter. AdvisorShares Investments LLC now owns 1,558,342 shares of the company’s stock valued at $2,883,000 after acquiring an additional 184,280 shares during the last quarter. CVA Family Office LLC bought a new stake in High Tide during the third quarter worth $2,897,000. Jane Street Group LLC boosted its position in High Tide by 149.6% in the second quarter. Jane Street Group LLC now owns 88,220 shares of the company’s stock worth $179,000 after purchasing an additional 52,882 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in High Tide by 162.9% in the 1st quarter. Royal Bank of Canada now owns 18,961 shares of the company’s stock valued at $86,000 after purchasing an additional 11,748 shares during the period. 4.52% of the stock is owned by hedge funds and other institutional investors.

High Tide Price Performance

HITI stock opened at $2.24 on Thursday. The company has a quick ratio of 0.69, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The firm has a market cap of $177.71 million, a price-to-earnings ratio of -6.79 and a beta of 0.54. The company’s fifty day simple moving average is $1.93 and its 200 day simple moving average is $1.72. High Tide has a 12-month low of $1.14 and a 12-month high of $2.85.

High Tide (NASDAQ:HITI) last released its quarterly earnings data on Monday, March 18th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $94.76 million during the quarter, compared to analyst estimates of $94.43 million. High Tide had a negative net margin of 7.46% and a negative return on equity of 2.03%. During the same quarter in the previous year, the business posted ($0.05) EPS.

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.