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

High Tide (NASDAQ:HITI) released its quarterly earnings data on Monday. The company reported $999.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 Price Performance

NASDAQ:HITI traded down $0.05 during trading hours on Monday, reaching $2.27. The company had a trading volume of 686,434 shares, compared to its average volume of 436,546. The stock has a 50-day moving average of $2.39 and a two-hundred day moving average of $2.48. High Tide has a one year low of $2.10 and a one year high of $4.06. The firm has a market capitalization of $199.09 million, a PE ratio of -6.66 and a beta of 0.58. The company has a quick ratio of 0.72, a current ratio of 1.43 and a debt-to-equity ratio of 0.84.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on HITI shares. Weiss Ratings restated a “sell (d-)” rating on shares of High Tide in a research report on Tuesday, April 21st. TD Securities started coverage on High Tide in a research report on Tuesday, February 24th. They set a “buy” rating on the stock. Finally, Canaccord Genuity Group boosted 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. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.13.

Institutional Trading of High Tide

A number of large investors have recently bought and sold shares of the stock. Tidal Investments LLC bought a new stake in High Tide in the third quarter valued at $6,030,000. Millennium Management LLC grew its position in High Tide by 154.7% in the fourth quarter. Millennium Management LLC now owns 1,112,004 shares of the company’s stock valued at $2,947,000 after acquiring an additional 675,396 shares during the period. Renaissance Technologies LLC grew its position in High Tide by 35.2% in the fourth quarter. Renaissance Technologies LLC now owns 945,063 shares of the company’s stock valued at $2,504,000 after acquiring an additional 245,863 shares during the period. Walleye Capital LLC grew its position in High Tide by 13.6% in the fourth quarter. Walleye Capital LLC now owns 825,338 shares of the company’s stock valued at $2,187,000 after acquiring an additional 98,524 shares during the period. Finally, Two Sigma Investments LP grew its position 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 acquiring an additional 386,340 shares during the period. 4.52% of the stock is currently owned by 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.