High Tide (NASDAQ:HITI) Releases Quarterly Earnings Results

High Tide (NASDAQ:HITI) issued its quarterly earnings data on Tuesday. The company reported $0.01 EPS for the quarter, reports. The company had revenue of $130.88 million during the quarter, compared to analyst estimates of $173.80 million. High Tide had a positive return on equity of 0.55% and a negative net margin of 7.53%.

High Tide Price Performance

NASDAQ HITI opened at $2.45 on Thursday. High Tide has a 12 month low of $1.64 and a 12 month high of $4.06. The stock has a market cap of $215.36 million, a price-to-earnings ratio of -7.21 and a beta of 0.54. The company’s 50 day moving average is $2.47 and its two-hundred day moving average is $2.87. The company has a current ratio of 1.37, a quick ratio of 0.70 and a debt-to-equity ratio of 0.80.

Analyst Upgrades and Downgrades

HITI has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. TD Securities assumed coverage on shares of High Tide in a research report on Tuesday, February 24th. They set a “buy” rating for the company. Finally, Wall Street Zen cut shares of High Tide from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.13.

Institutional Trading of High Tide

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HRT Financial LP bought a new stake in shares of High Tide during the 4th quarter valued at $26,000. Osaic Holdings Inc. boosted its holdings in High Tide by 82,976.9% in the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock worth $25,000 after buying an additional 10,787 shares during the period. StoneX Group Inc. bought a new position in High Tide in the 4th quarter worth $41,000. Bank of America Corp DE purchased a new stake in High Tide in the 4th quarter worth $72,000. Finally, Man Group plc purchased a new stake in High Tide in the 4th quarter worth $76,000. 4.52% of the stock is owned by hedge funds and other institutional investors.

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.