High Tide Inc. (NASDAQ:HITI – Get Free Report) was the recipient of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 4,610,000 shares, an increase of 47.8% from the March 31st total of 3,120,000 shares. Currently, 6.8% of the company’s stock are short sold. Based on an average daily volume of 578,700 shares, the days-to-cover ratio is presently 8.0 days.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. TheStreet upgraded shares of High Tide from a “d” rating to a “c-” rating in a research note on Friday, March 15th. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 target price on shares of High Tide in a research report on Monday, March 25th.
Read Our Latest Analysis on HITI
High Tide Stock Performance
High Tide (NASDAQ:HITI – Get Free Report) last posted 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 business had revenue of $94.76 million during the quarter, compared to the consensus estimate of $94.43 million. High Tide had a negative return on equity of 2.03% and a negative net margin of 7.46%. During the same period in the prior year, the company earned ($0.05) earnings per share.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of HITI. Revisor Wealth Management LLC purchased a new stake in shares of High Tide in the first quarter valued at about $27,000. JW Asset Management LLC increased its position in High Tide by 36.2% in the 4th quarter. JW Asset Management LLC now owns 102,144 shares of the company’s stock valued at $166,000 after acquiring an additional 27,144 shares during the period. AdvisorShares Investments LLC raised its stake in High Tide by 13.4% during the 3rd 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. Finally, Hillsdale Investment Management Inc. purchased a new stake in High Tide during the 4th quarter valued at approximately $1,134,000. 4.52% of the stock is owned by hedge funds and other 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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