High Tide Inc. (NASDAQ:HITI) Sees Large Increase in Short Interest

High Tide Inc. (NASDAQ:HITI) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 4,230,000 shares, a growth of 7.1% from the September 30th total of 3,950,000 shares. Currently, 5.8% of the company’s shares are sold short. Based on an average daily volume of 544,300 shares, the short-interest ratio is presently 7.8 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new stake in shares of High Tide during the first quarter valued at approximately $32,000. Perritt Capital Management Inc. purchased a new stake in shares of High Tide during the first quarter valued at approximately $132,000. Virtu Financial LLC purchased a new stake in shares of High Tide during the first quarter valued at approximately $153,000. Perritt Capital Management Inc raised its stake in shares of High Tide by 92.3% during the second quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock valued at $276,000 after purchasing an additional 60,000 shares during the period. Finally, Baader Bank Aktiengesellschaft raised its stake in shares of High Tide by 25.9% during 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 period. 4.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HITI shares. Ventum Cap Mkts raised shares of High Tide to a “strong-buy” rating in a research report on Tuesday, July 16th. Roth Mkm reissued a “buy” rating and issued a $4.50 target price on shares of High Tide in a research report on Wednesday, September 18th.

High Tide Trading Down 1.7 %

HITI stock traded down $0.05 during midday trading on Thursday, reaching $2.82. 410,388 shares of the company’s stock traded hands, compared to its average volume of 559,167. The company has a market capitalization of $226.86 million, a P/E ratio of -10.07 and a beta of 0.48. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.26 and a quick ratio of 0.78. High Tide has a fifty-two week low of $1.14 and a fifty-two week high of $3.12. The business has a 50-day moving average price of $2.29 and a two-hundred day moving average price of $2.20.

High Tide (NASDAQ:HITI) last announced its quarterly earnings results on Monday, September 16th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The firm had revenue of $96.04 million for the quarter, compared to analysts’ expectations of $93.70 million. High Tide had a negative net margin of 6.14% and a positive return on equity of 2.06%. During the same period in the previous year, the company posted ($0.03) earnings per share. Equities research analysts forecast that High Tide will post -0.01 EPS for the current fiscal year.

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.