High Tide (NASDAQ:HITI) Announces Quarterly Earnings Results

High Tide (NASDAQ:HITI) announced its quarterly earnings data on Thursday. The company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates of $0.01, Zacks reports. High Tide had a negative return on equity of 6.50% and a negative net margin of 1.66%.

High Tide Stock Down 2.0%

Shares of NASDAQ:HITI traded down $0.05 during trading on Thursday, hitting $2.43. 836,580 shares of the company were exchanged, compared to its average volume of 398,902. The stock has a market cap of $213.69 million, a price-to-earnings ratio of -30.38 and a beta of 0.57. The firm has a fifty day moving average price of $2.65 and a two-hundred day moving average price of $2.92. High Tide has a fifty-two week low of $1.64 and a fifty-two week high of $4.06. The company has a current ratio of 1.85, a quick ratio of 1.29 and a debt-to-equity ratio of 0.42.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $6.13.

Hedge Funds Weigh In On High Tide

A number of hedge funds and other institutional investors have recently bought and sold shares of HITI. Tidal Investments LLC acquired a new position in High Tide during the third quarter worth approximately $6,030,000. Qube Research & Technologies Ltd acquired a new position in shares of High Tide during the 3rd quarter worth approximately $120,000. Millennium Management LLC raised its stake in High Tide by 628.3% in the 3rd quarter. Millennium Management LLC now owns 436,608 shares of the company’s stock valued at $1,585,000 after acquiring an additional 376,659 shares during the period. Centiva Capital LP bought a new stake in High Tide in the 3rd quarter valued at $116,000. Finally, Bank of America Corp DE lifted its holdings in High Tide by 15,484.2% during the 3rd quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock valued at $1,527,000 after purchasing an additional 418,074 shares during the last quarter. Institutional investors own 4.52% of the company’s stock.

About High Tide

High Tide Inc (NASDAQ: HITI) is an omnichannel retailer and branded consumer packaged goods company serving the regulated cannabis market. The company operates a network of licensed cannabis retail stores across Canada, offering a curated assortment of cannabis flower, pre-rolls, vapes and lifestyle accessories. In parallel, High Tide maintains an e-commerce platform that delivers hemp-derived products, vaporizers, glassware and other ancillary goods to consumers in multiple jurisdictions.

Within Canada, High Tide’s retail division includes banners such as Canna Cabana, Meta Cannabis Supply Co and The Hunny Pot, each designed to provide differentiated in-store experiences.