High Tide (NASDAQ:HITI) Releases Earnings Results, Beats Estimates By $0.03 EPS

High Tide (NASDAQ:HITI) issued its earnings results on Monday. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03, Zacks reports. High Tide had a negative net margin of 7.53% and a positive return on equity of 0.58%. The firm had revenue of $131.91 million during the quarter, compared to the consensus estimate of $125.93 million.

High Tide Trading Down 2.6%

NASDAQ:HITI opened at $2.25 on Tuesday. The firm has a market cap of $197.78 million, a P/E ratio of -6.62 and a beta of 0.58. The company has a current ratio of 1.43, a quick ratio of 0.72 and a debt-to-equity ratio of 0.84. The stock’s 50 day simple moving average is $2.39 and its 200-day simple moving average is $2.48. High Tide has a 12-month low of $2.10 and a 12-month high of $4.06.

Institutional Investors Weigh In On High Tide

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HITI. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research note on Tuesday, April 21st. Canaccord Genuity Group lifted their price objective on shares of High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research note on Thursday, March 19th. Finally, TD Securities initiated coverage on shares of High Tide in a report on Tuesday, February 24th. They issued a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $6.12.

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.