High Tide Inc. (NASDAQ:HITI) Sees Significant Decrease in Short Interest

High Tide Inc. (NASDAQ:HITI) saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 4,850,000 shares, a decrease of 6.6% from the June 30th total of 5,190,000 shares. Based on an average trading volume of 613,200 shares, the days-to-cover ratio is currently 7.9 days. Currently, 6.6% of the company’s shares are sold short.

High Tide Price Performance

Shares of High Tide stock remained flat at $1.83 during trading hours on Wednesday. 99,527 shares of the stock traded hands, compared to its average volume of 549,930. The firm has a fifty day moving average price of $2.23 and a two-hundred day moving average price of $2.07. High Tide has a 52 week low of $1.14 and a 52 week high of $2.85. The company has a quick ratio of 0.72, a current ratio of 1.17 and a debt-to-equity ratio of 0.21. The firm has a market cap of $147.22 million, a P/E ratio of -5.72 and a beta of 0.46.

Analyst Upgrades and Downgrades

Separately, Ventum Cap Mkts raised High Tide to a “strong-buy” rating in a research note on Tuesday, July 16th.

Institutional Trading of High Tide

Several large investors have recently added to or reduced their stakes in the stock. Revisor Wealth Management LLC acquired a new position in shares of High Tide during the first quarter worth about $27,000. Quadrature Capital Ltd purchased a new stake in shares of High Tide during the 1st quarter valued at about $32,000. Perritt Capital Management Inc. acquired a new position in High Tide during the 1st quarter worth approximately $132,000. Virtu Financial LLC purchased a new position in High Tide in the 1st quarter worth approximately $153,000. Finally, JW Asset Management LLC grew its position in High Tide by 36.2% in the fourth quarter. JW Asset Management LLC now owns 102,144 shares of the company’s stock valued at $166,000 after acquiring an additional 27,144 shares in the last quarter. 4.52% of the stock is currently owned by institutional investors and hedge funds.

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.