High Tide (NASDAQ:HITI) Releases Quarterly Earnings Results, Beats Estimates By $999.02 EPS

High Tide (NASDAQ:HITI) released its earnings results on Monday. The company reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $999.02, Zacks reports. High Tide had a positive return on equity of 0.58% and a negative net margin of 7.53%.

High Tide Stock Performance

HITI stock traded down $0.06 during mid-day trading on Monday, hitting $2.25. The company had a trading volume of 1,988,436 shares, compared to its average volume of 436,963. The firm has a market cap of $197.78 million, a PE ratio of -6.62 and a beta of 0.58. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.72 and a current ratio of 1.43. High Tide has a 12 month low of $2.10 and a 12 month high of $4.06. The stock’s fifty day moving average price is $2.39 and its two-hundred day moving average price is $2.48.

Institutional Trading of High Tide

Hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised 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 worth $25,000 after acquiring an additional 10,787 shares during the period. HRT Financial LP bought a new stake in High Tide in the fourth quarter worth about $26,000. StoneX Group Inc. bought a new stake in High Tide in the fourth quarter worth about $41,000. Bank of America Corp DE bought a new stake in High Tide in the fourth quarter worth about $72,000. Finally, Man Group plc bought a new stake in High Tide in the fourth quarter worth about $76,000. Institutional investors own 4.52% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group upped their target price on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a report on Thursday, March 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a report on Tuesday, April 21st. Finally, TD Securities assumed coverage on High Tide in a report on Tuesday, February 24th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.13.

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.