High Tide (NASDAQ:HITI) Announces Quarterly Earnings Results

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

High Tide Stock Down 2.6%

NASDAQ HITI opened at $2.25 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84. High Tide has a 52 week low of $2.10 and a 52 week high of $4.06. The firm has a market capitalization of $197.78 million, a price-to-earnings ratio of -6.62 and a beta of 0.58. The company has a fifty day moving average of $2.39 and a two-hundred day moving average of $2.48.

Institutional Investors Weigh In On High Tide

Several institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its stake in shares of High Tide by 82,976.9% during the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock worth $25,000 after purchasing an additional 10,787 shares during the period. HRT Financial LP purchased a new stake in High Tide in the 4th 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 purchased a new position in shares of High Tide during the fourth quarter valued at approximately $76,000. Institutional investors own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

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