High Tide (NASDAQ:HITI) Announces Earnings Results, Meets Estimates

High Tide (NASDAQ:HITI) announced its quarterly earnings data on Thursday. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01, Zacks reports. High Tide had a negative net margin of 8.68% and a negative return on equity of 2.20%. The company had revenue of $117.02 million for the quarter, compared to the consensus estimate of $158.91 million.

High Tide Price Performance

Shares of HITI stock opened at $2.23 on Friday. The stock has a 50 day moving average price of $2.64 and a 200 day moving average price of $2.92. High Tide has a 52-week low of $1.64 and a 52-week high of $4.06. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.29 and a current ratio of 1.85. The firm has a market capitalization of $196.11 million, a P/E ratio of -6.03 and a beta of 0.57.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HITI. Wall Street Zen lowered shares of High Tide from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.13.

Hedge Funds Weigh In On High Tide

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. lifted its holdings in High Tide by 82,976.9% during the second 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 shares of High Tide in the 2nd quarter worth $46,000. Bank of America Corp DE purchased a new stake in shares of High Tide during the 4th quarter worth $72,000. Boothbay Fund Management LLC bought a new stake in High Tide during the second quarter valued at about $110,000. Finally, Centiva Capital LP purchased a new position in High Tide in the third quarter valued at about $116,000. Institutional investors own 4.52% of the company’s stock.

High Tide Company Profile

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.