High Tide Inc. (NASDAQ:HITI) saw a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 685,400 shares, a growth of 22.0% from the November 15th total of 561,800 shares. Based on an average daily volume of 257,300 shares, the short-interest ratio is currently 2.7 days. Approximately 1.5% of the company’s stock are short sold.
Several brokerages recently commented on HITI. Cantor Fitzgerald lowered their price target on High Tide from $8.75 to $7.75 and set a “neutral” rating for the company in a research note on Friday, December 10th. Zacks Investment Research cut High Tide from a “hold” rating to a “sell” rating in a research report on Tuesday, November 16th. Desjardins decreased their target price on High Tide from C$15.00 to C$13.50 and set a “buy” rating for the company in a research report on Friday, October 22nd. Echelon Wealth Partners reaffirmed a “speculative buy” rating on shares of High Tide in a research report on Thursday, October 7th. Finally, Roth Capital began coverage on High Tide in a research report on Monday, September 13th. They set a “buy” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $13.31.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada acquired a new position in High Tide during the second quarter worth $38,000. Morgan Stanley acquired a new position in High Tide during the second quarter worth $69,000. Creative Planning acquired a new position in High Tide during the second quarter worth $98,000. Bank of Montreal Can acquired a new stake in shares of High Tide in the second quarter valued at $132,000. Finally, CIBC World Markets Inc. acquired a new stake in shares of High Tide in the second quarter valued at $152,000.
Shares of
NASDAQ HITI traded down $0.12 during trading hours on Friday, reaching $4.60. The stock had a trading volume of 271,069 shares, compared to its average volume of 325,088. The stock has a fifty day moving average price of $6.05. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.21. High Tide has a twelve month low of $2.30 and a twelve month high of $13.29.
High Tide Company Profile
High Tide Inc operates as a vertically-integrated company in the cannabis market in Canada, the United States, and internationally. It engages in the design, manufacture, and distribution of smoking accessories and cannabis lifestyle products. It is also involved in the wholesale and retailing of cannabis products, as well as operates and franchises licensed retail cannabis stores.
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