High Tide Inc. (NASDAQ:HITI) Short Interest Update

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

High Tide Stock Down 0.9 %

NASDAQ:HITI opened at $2.24 on Tuesday. High Tide has a fifty-two week low of $1.14 and a fifty-two week high of $2.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.69 and a current ratio of 1.13. The company’s 50-day simple moving average is $1.91 and its 200-day simple moving average is $1.71.

High Tide (NASDAQ:HITI) last released its earnings results on Monday, March 18th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $94.76 million during the quarter, compared to analysts’ expectations 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 period last year, the business earned ($0.05) EPS.

Hedge Funds Weigh In On High Tide

A number of institutional investors have recently bought and sold shares of HITI. JW Asset Management LLC purchased a new position in shares of High Tide during the 3rd quarter valued at approximately $139,000. AdvisorShares Investments LLC increased its holdings in shares of 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 purchasing an additional 184,280 shares in the last quarter. CVA Family Office LLC purchased a new position in shares of High Tide during the 3rd quarter valued at approximately $2,897,000. Jane Street Group LLC increased its holdings in shares of High Tide by 149.6% during the 2nd quarter. Jane Street Group LLC now owns 88,220 shares of the company’s stock valued at $179,000 after purchasing an additional 52,882 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of High Tide by 162.9% during 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 in the last quarter. 4.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on HITI shares. Roth Mkm reissued a “buy” rating and set a $4.50 target price on shares of High Tide in a research report on Monday, March 25th. TheStreet raised shares of High Tide from a “d” rating to a “c-” rating in a research report on Friday, March 15th.

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.