High Tide Inc. (NASDAQ:HITI – Get Free Report) saw a significant decrease in short interest in September. As of September 15th, there was short interest totalling 4,460,000 shares, a decrease of 6.1% from the August 31st total of 4,750,000 shares. Based on an average daily volume of 449,000 shares, the days-to-cover ratio is presently 9.9 days. Currently, 6.1% of the shares of the company are sold short.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in HITI. Virtu Financial LLC acquired a new stake in shares of High Tide in the 1st quarter valued at about $153,000. Perritt Capital Management Inc. bought a new stake in shares of High Tide in the 1st quarter valued at about $132,000. Perritt Capital Management Inc boosted its stake in shares of High Tide by 92.3% during the 2nd quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock worth $276,000 after acquiring an additional 60,000 shares during the period. Baader Bank Aktiengesellschaft increased its holdings in shares of High Tide by 25.9% in the second quarter. Baader Bank Aktiengesellschaft now owns 251,741 shares of the company’s stock valued at $555,000 after purchasing an additional 51,741 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in High Tide in the 1st quarter valued at about $32,000. 4.52% of the stock is currently owned by institutional investors.
High Tide Stock Up 7.8 %
NASDAQ HITI opened at $2.21 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $177.79 million, a price-to-earnings ratio of -6.91 and a beta of 0.47. High Tide has a 1-year low of $1.14 and a 1-year high of $2.85. The stock’s 50 day moving average is $1.98 and its two-hundred day moving average is $2.14.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on HITI shares. Ventum Cap Mkts upgraded shares of High Tide to a “strong-buy” rating in a research report on Tuesday, July 16th. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 target price on shares of High Tide in a research report on Wednesday, September 18th.
View Our Latest Stock Report on High Tide
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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