Short Interest in High Tide Inc. (NASDAQ:HITI) Drops By 6.6%

High Tide Inc. (NASDAQ:HITI) was the recipient of 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 daily trading volume, of 613,200 shares, the days-to-cover ratio is currently 7.9 days. Approximately 6.6% of the company’s shares are sold short.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of HITI. Hillsdale Investment Management Inc. bought a new position in High Tide in the fourth quarter worth approximately $1,134,000. Virtu Financial LLC bought a new position in High Tide in the first quarter worth approximately $153,000. Perritt Capital Management Inc. bought a new position in High Tide in the first quarter worth approximately $132,000. Baader Bank Aktiengesellschaft grew its stake in High Tide by 25.9% in the second quarter. Baader Bank Aktiengesellschaft now owns 251,741 shares of the company’s stock worth $555,000 after purchasing an additional 51,741 shares in the last quarter. Finally, JW Asset Management LLC grew its stake in High Tide by 36.2% in the fourth quarter. JW Asset Management LLC now owns 102,144 shares of the company’s stock worth $166,000 after purchasing an additional 27,144 shares in the last quarter. Institutional investors own 4.52% of the company’s stock.

High Tide Price Performance

Shares of HITI remained flat at $1.83 during mid-day trading on Wednesday. The stock had a trading volume of 26,229 shares, compared to its average volume of 549,428. The stock has a market capitalization of $147.22 million, a PE ratio of -5.72 and a beta of 0.46. The firm’s 50 day moving average is $2.23 and its 200-day moving average is $2.07. High Tide has a 1 year low of $1.14 and a 1 year high of $2.85. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.72 and a current ratio of 1.17.

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.