5 Best Hemp Stocks To Buy Now

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In this article, we will look at the 5 best hemp stocks to buy now. If you want to explore similar stocks, you can go to 12 Best Hemp Stocks To Buy Now.

5. High Tide Inc. (NASDAQ:HITI)

Number of Hedge Fund Holders: 3

High Tide Inc. (NASDAQ:HITI) is a leading global retailer of cannabis and cannabis derivatives. The stock has caught the attention of hedge funds. At the end of the second quarter of 2022, 3 hedge funds held stakes in High Tide Inc. (NASDAQ:HITI) worth $107,000. This is compared to 1 hedge fund in the previous quarter with stakes worth $7,000. The hedge fund sentiment for the stock is positive.

On September 14, High Tide Inc. (NASDAQ:HITI) announced earnings for the third quarter of fiscal 2022 in which it beat EPS estimates by $0.04. The company reported a revenue of $72.4 million, up 91.1% year over year, and outperformed Wall Street consensus by $3.69 million.

High Tide Inc. (NASDAQ:HITI) is expanding its operations and is one of the best marijuana stocks to buy now. On September 29, High Tide Inc. (NASDAQ:HITI) announced that it has entered into an agreement with Jimmy’s Cannabis Shop by which it will acquire 100% of the chain’s 2 retail locations for $5.3 million.

Over the past three months, High Tide Inc. (NASDAQ:HITI) has received 2 Buy ratings and 1 Hold rating from Wall Street analysts and has an average price target of $5.35. The stock’s average price target represents an upside of 282% from current share levels.

As of June 30, Millennium Management is the leading shareholder in High Tide Inc. (NASDAQ:HITI) and has stakes worth $80,000 in the company.

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