High Tide (NASDAQ:HITI) Issues Earnings Results

High Tide (NASDAQ:HITI) announced its earnings results on Monday. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03, Zacks reports. The business had revenue of $131.91 million for the quarter, compared to analyst estimates of $125.93 million. High Tide had a positive return on equity of 3.49% and a negative net margin of 6.62%.

High Tide Price Performance

Shares of High Tide stock opened at $2.52 on Wednesday. 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 firm has a market capitalization of $221.51 million, a PE ratio of -8.13 and a beta of 0.58. The business’s 50-day moving average price is $2.40 and its 200-day moving average price is $2.48. High Tide has a 12 month low of $2.10 and a 12 month high of $4.06.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HITI. Canaccord Genuity Group increased their price objective on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a research report on Thursday, March 19th. TD Securities began coverage on High Tide in a research report on Tuesday, February 24th. They set a “buy” rating on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, High Tide has a consensus rating of “Moderate Buy” and an average price target of $6.13.

Institutional Investors Weigh In On High Tide

Several institutional investors have recently bought and sold shares of HITI. Bank of America Corp DE purchased a new stake in High Tide during the 4th quarter valued at about $72,000. StoneX Group Inc. purchased a new stake in High Tide during the 2nd quarter valued at about $46,000. Murchinson Ltd. purchased a new stake in High Tide during the 2nd quarter valued at about $398,000. Boothbay Fund Management LLC purchased a new stake in High Tide during the 2nd quarter valued at about $110,000. Finally, Osaic Holdings Inc. boosted its holdings in High Tide by 82,976.9% during the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after acquiring an additional 10,787 shares during the period. 4.52% of the stock is currently owned by hedge funds and other institutional investors.

High Tide Company Profile

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.