High Tide Inc. (NASDAQ: HITI) Stock Forecast 2024: Profitable With Bullish Signals

In the last trading session, 1.75 million shares of the High Tide Inc. (NASDAQ:HITI) were traded, and its beta was 0.90. Most recently the company’s share price was $2.22, and it changed around $0.26 or 13.27% from the last close, which brings the market valuation of the company to $167.17M. HITI currently trades at a discount to its 52-week high of $2.30, offering almost -3.6% off that amount. The share price’s 52-week low was $1.14, which indicates that the current value has risen by an impressive 48.65% since then. We note from High Tide Inc.’s average daily trading volume that its 10-day average is 0.69 million shares, with the 3-month average coming to 339.09K.

High Tide Inc. (NASDAQ:HITI) trade information

Instantly HITI has showed a green trend with a performance of 13.27% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 36.20% year-to-date, but still up 18.09% over the last five days. On the other hand, High Tide Inc. (NASDAQ:HITI) is 26.14% up in the 30-day period. We can see from the shorts that 3.3 million shares have been sold at a short interest cover period of 12.33 day(s).

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The consensus price target as assigned by Wall Street analysts is $2.7, which translates to bulls needing to increase their stock price by 17.78% from its current value. Analyst projections state that HITI is forecast to be at a low of $2.7 and a high of $2.7.

High Tide Inc. (HITI) estimates and forecasts

High Tide Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 20.00 percent over the past six months and at a 100.00% annual growth rate that is well above the industry average of 18.30%. The year-over-year growth rate is expected to be 7.70%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $94.36 million in revenue for the current quarter. 3 analysts expect High Tide Inc. to make $97.98 million in revenue for the quarter ending Jul 2024.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -7.01%.

HITI Dividends

High Tide Inc.’s next quarterly earnings report is expected to be released on March 15.

High Tide Inc. (NASDAQ:HITI)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 9.29% of High Tide Inc. shares, and 10.95% of them are in the hands of institutional investors. The stock currently has a share float of 12.07%. High Tide Inc. stock is held by 33 institutions, with ETF Managers Group, LLC being the largest institutional investor. By Mar 30, 2023, it held 2.38% of the shares, which is about 1.79 million shares worth $2.44 million.

CVA Family Office, LLC, with 2.08% or 1.57 million shares worth $2.9 million as of Sep 29, 2023, holds the second largest percentage of outstanding shares.

ETF Managers Tr-EFTMG Alternative Harvest ETF and AdvisorShares Trust-AdvisorShares Pure Cannabis ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 2.2 million shares worth $2.73 million, making up 2.93% of all outstanding shares. On the other hand, AdvisorShares Trust-AdvisorShares Pure Cannabis ETF held roughly 1.56 million shares worth around $2.88 million, which represents about 2.07% of the total shares outstanding.