High Tide (NASDAQ:HITI) Shares Up 1.4% – What’s Next?

High Tide Inc. (NASDAQ:HITI)’s share price shot up 1.4% during mid-day trading on Tuesday . The company traded as high as $3.62 and last traded at $3.53. 1,291,089 shares traded hands during mid-day trading, an increase of 115% from the average session volume of 600,689 shares. The stock had previously closed at $3.48.

Analyst Ratings Changes

A number of brokerages have issued reports on HITI. Roth Capital raised shares of High Tide to a “strong-buy” rating in a report on Friday, November 8th. Roth Mkm reissued a “buy” rating and issued a $4.50 price target on shares of High Tide in a report on Wednesday, September 18th.

High Tide Price Performance

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 market capitalization of $283.99 million, a PE ratio of -12.61 and a beta of 0.47. The firm’s fifty day simple moving average is $2.61 and its 200-day simple moving average is $2.29.

High Tide (NASDAQ:HITI) last issued its earnings results 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. The business had revenue of $96.04 million during 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 previous year, the company earned ($0.03) earnings per share. On average, research analysts forecast that High Tide Inc. will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of High Tide

A number of large investors have recently made changes to their positions in HITI. Virtu Financial LLC bought a new stake in shares of High Tide in the first quarter worth approximately $153,000. Baader Bank Aktiengesellschaft grew 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 grew its position in 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 buying an additional 60,000 shares during the period. Finally, Jane Street Group LLC grew its position in High Tide by 58.8% during the third quarter. Jane Street Group LLC now owns 35,252 shares of the company’s stock valued at $72,000 after buying an additional 13,052 shares during the period. 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.