High Tide Inc. (NASDAQ:HITI – Get Free Report) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 5,250,000 shares, an increase of 8.9% from the May 31st total of 4,820,000 shares. Based on an average daily trading volume, of 824,600 shares, the days-to-cover ratio is presently 6.4 days.
High Tide Trading Down 2.7 %
High Tide stock opened at $2.15 on Tuesday. High Tide has a 12 month low of $1.14 and a 12 month high of $2.85. The stock’s 50 day moving average is $2.33 and its 200-day moving average is $2.03. The company has a quick ratio of 0.72, a current ratio of 1.17 and a debt-to-equity ratio of 0.21.
Analysts Set New Price Targets
HITI has been the topic of a number of recent analyst reports. Roth Mkm reissued a “buy” rating and set a $4.50 price target on shares of High Tide in a research report on Monday, March 25th. TheStreet raised High Tide from a “d” rating to a “c-” rating in a research report on Friday, March 15th.
Institutional Investors Weigh In On High Tide
Several institutional investors have recently made changes to their positions in HITI. Hillsdale Investment Management Inc. bought a new stake in shares of High Tide in the fourth quarter valued at approximately $1,134,000. Virtu Financial LLC bought a new stake in shares of High Tide in the first quarter valued at approximately $153,000. Perritt Capital Management Inc. bought a new stake in shares of High Tide in the first quarter valued at approximately $132,000. JW Asset Management LLC boosted its stake in shares of High Tide by 36.2% in the fourth quarter. JW Asset Management LLC now owns 102,144 shares of the company’s stock valued at $166,000 after buying an additional 27,144 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in shares of High Tide in the first quarter valued at approximately $32,000. 4.52% of the stock is currently owned by institutional investors.
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.
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