High Tide (NASDAQ:HITI) Posts Quarterly Earnings Results

High Tide (NASDAQ:HITI) issued its quarterly earnings data on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, reports. The company had revenue of $130.88 million during the quarter, compared to the consensus estimate of $173.80 million. High Tide had a negative return on equity of 2.37% and a negative net margin of 8.68%.

High Tide Trading Up 3.0%

Shares of HITI stock traded up $0.08 during trading hours on Wednesday, hitting $2.57. 370,273 shares of the company were exchanged, compared to its average volume of 447,389. The company has a 50 day simple moving average of $2.47 and a two-hundred day simple moving average of $2.87. The firm has a market cap of $225.46 million, a P/E ratio of -6.86 and a beta of 0.54. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.70 and a current ratio of 1.37. High Tide has a fifty-two week low of $1.64 and a fifty-two week high of $4.06.

Analyst Ratings Changes

Several analysts recently commented on HITI shares. TD Securities started coverage on High Tide in a report on Tuesday, February 24th. They issued a “buy” rating on the stock. Wall Street Zen lowered shares of High Tide from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.13.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC acquired a new stake in High Tide in the third quarter worth $6,030,000. Millennium Management LLC raised its holdings in shares of High Tide by 154.7% during the fourth quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock valued at $2,947,000 after purchasing an additional 675,396 shares during the period. Renaissance Technologies LLC boosted its position in shares of High Tide by 35.2% during the 4th quarter. Renaissance Technologies LLC now owns 945,063 shares of the company’s stock worth $2,504,000 after purchasing an additional 245,863 shares in the last quarter. Walleye Capital LLC boosted its position in shares of High Tide by 13.6% during the 4th quarter. Walleye Capital LLC now owns 825,338 shares of the company’s stock worth $2,187,000 after purchasing an additional 98,524 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of High Tide by 452.5% in the 3rd quarter. Two Sigma Investments LP now owns 471,727 shares of the company’s stock valued at $1,712,000 after buying an additional 386,340 shares during the period. 4.52% of the stock is owned by 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.