High Tide Inc. (NASDAQ:HITI) Short Interest Up 47.8% in April

High Tide Inc. (NASDAQ:HITI) saw a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 4,610,000 shares, a growth of 47.8% from the March 31st total of 3,120,000 shares. Currently, 6.8% of the company’s shares are short sold. Based on an average trading volume of 578,700 shares, the days-to-cover ratio is presently 8.0 days.

Institutional Investors Weigh In On High Tide

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HITI. AdvisorShares Investments LLC grew its holdings in High Tide by 13.4% in the third quarter. AdvisorShares Investments LLC now owns 1,558,342 shares of the company’s stock worth $2,883,000 after purchasing an additional 184,280 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of High Tide in the 4th quarter worth approximately $1,134,000. JW Asset Management LLC increased its position in High Tide by 36.2% during the 4th 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 in the last quarter. Finally, Revisor Wealth Management LLC purchased a new position in High Tide during the first quarter valued at $27,000. 4.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 price target on shares of High Tide in a research note on Monday, March 25th. TheStreet raised shares of High Tide from a “d” rating to a “c-” rating in a research note on Friday, March 15th.

High Tide Price Performance

Shares of High Tide stock traded down $0.05 during trading on Monday, reaching $1.98. 697,594 shares of the stock were exchanged, compared to its average volume of 531,010. High Tide has a 1 year low of $1.14 and a 1 year 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 stock’s fifty day moving average is $1.98 and its 200 day moving average is $1.74.

High Tide (NASDAQ:HITI) last posted its earnings results on Monday, March 18th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. High Tide had a negative net margin of 7.46% and a negative return on equity of 2.03%. The firm had revenue of $94.76 million during the quarter, compared to analysts’ expectations of $94.43 million. During the same period last year, the company posted ($0.05) EPS.

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.