High Tide (NASDAQ:HITI) Releases Earnings Results, Meets Expectations

High Tide (NASDAQ:HITI) announced its quarterly earnings data on Thursday. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01, Zacks reports. High Tide had a negative net margin of 1.66% and a negative return on equity of 6.50%.

High Tide Stock Performance

Shares of High Tide stock traded down $0.05 on Thursday, hitting $2.43. The stock had a trading volume of 836,580 shares, compared to its average volume of 398,902. The stock has a market cap of $213.69 million, a price-to-earnings ratio of -30.38 and a beta of 0.57. The company has a current ratio of 1.85, a quick ratio of 1.29 and a debt-to-equity ratio of 0.42. High Tide has a 52-week low of $1.64 and a 52-week high of $4.06. The company’s 50 day moving average price is $2.65 and its 200 day moving average price is $2.92.

Institutional Investors Weigh In On High Tide

Several large investors have recently modified their holdings of HITI. Tidal Investments LLC acquired a new position in shares of High Tide in the 3rd quarter valued at $6,030,000. Millennium Management LLC grew its position in High Tide by 628.3% during the 3rd quarter. Millennium Management LLC now owns 436,608 shares of the company’s stock worth $1,585,000 after purchasing an additional 376,659 shares during the last quarter. Bank of America Corp DE increased its stake in High Tide by 15,484.2% in the third quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock valued at $1,527,000 after purchasing an additional 418,074 shares during the period. Two Sigma Investments LP increased its stake in High Tide by 452.5% in the third quarter. Two Sigma Investments LP now owns 471,727 shares of the company’s stock valued at $1,712,000 after purchasing an additional 386,340 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of High Tide in the third quarter valued at about $248,000. 4.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, High Tide has an average rating of “Moderate Buy” and an average 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.