High Tide (NASDAQ:HITI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.
According to Zacks, “High Tide Inc. is a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories. High Tide Inc. is based in CALGARY, AB. “
A number of other brokerages have also weighed in on HITI. Desjardins decreased their price objective on shares of High Tide from C$15.00 to C$13.50 and set a “buy” rating for the company in a report on Friday, October 22nd. Cantor Fitzgerald cut their target price on shares of High Tide from $8.75 to $7.75 and set a “neutral” rating on the stock in a research report on Friday, December 10th. Finally, Echelon Wealth Partners reissued a “speculative buy” rating on shares of High Tide in a research report on Thursday, October 7th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, High Tide presently has a consensus rating of “Buy” and a consensus price target of $11.60.
HITI traded down $0.16 on Wednesday, reaching $4.37. 105,032 shares of the company traded hands, compared to its average volume of 112,693. High Tide has a one year low of $4.16 and a one year high of $13.29. The firm has a fifty day moving average price of $5.37. The firm has a market capitalization of $260.07 million and a P/E ratio of -72.83. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.21.
Institutional investors have recently modified their holdings of the company. AdvisorShares Investments LLC grew its position in shares of High Tide by 83.9% in the 3rd quarter. AdvisorShares Investments LLC now owns 312,516 shares of the company’s stock worth $1,953,000 after buying an additional 142,570 shares during the last quarter. Geode Capital Management LLC purchased a new position in shares of High Tide in the 2nd quarter worth approximately $369,000. Jane Street Group LLC grew its position in High Tide by 314.4% during the 3rd quarter. Jane Street Group LLC now owns 48,352 shares of the company’s stock worth $300,000 after purchasing an additional 36,684 shares during the last quarter. Morgan Stanley purchased a new stake in High Tide during the 2nd quarter worth approximately $69,000. Finally, Royal Bank of Canada purchased a new stake in High Tide during the 2nd quarter worth approximately $38,000. 3.63% of the stock is currently owned by hedge funds and other institutional investors.
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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