High Tide (NASDAQ:HITI) Issues Quarterly Earnings Results

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

High Tide Stock Up 3.0%

HITI traded up $0.08 during midday trading on Wednesday, reaching $2.57. 370,273 shares of the company were exchanged, compared to its average volume of 447,389. The company has a market cap of $225.46 million, a price-to-earnings ratio of -6.86 and a beta of 0.54. High Tide has a one year low of $1.64 and a one year high of $4.06. The company’s fifty day moving average price is $2.47 and its 200 day moving average price is $2.87. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.70 and a current ratio of 1.37.

Institutional Investors Weigh In On High Tide

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new stake in High Tide in the 4th quarter valued at $72,000. StoneX Group Inc. purchased a new position in High Tide during the 2nd quarter worth $46,000. Murchinson Ltd. bought a new stake in shares of High Tide in the 2nd quarter worth $398,000. Boothbay Fund Management LLC bought a new stake in shares of High Tide in the 2nd quarter worth $110,000. Finally, Osaic Holdings Inc. raised its holdings in shares of High Tide by 82,976.9% in the second quarter. Osaic Holdings Inc. now owns 10,800 shares of the company’s stock valued at $25,000 after purchasing an additional 10,787 shares during the last quarter. Institutional investors own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of High Tide in a research report on Thursday, January 22nd. Wall Street Zen downgraded shares of High Tide from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, TD Securities initiated coverage on shares of High Tide in a research note on Tuesday, February 24th. They set a “buy” rating for the company. 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.