High Tide (NASDAQ:HITI) Announces Earnings Results, Beats Estimates By $999.02 EPS

High Tide (NASDAQ:HITI) announced its quarterly earnings data on Monday. The company reported $999.00 EPS for the quarter, topping 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 Stock Performance

HITI traded down $0.05 on Monday, hitting $2.27. The company had a trading volume of 686,434 shares, compared to its average volume of 436,546. The company’s fifty day moving average price is $2.39 and its 200 day moving average price is $2.48. High Tide has a 1-year low of $2.10 and a 1-year high of $4.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.43 and a quick ratio of 0.72. The stock has a market cap of $199.09 million, a price-to-earnings ratio of -6.66 and a beta of 0.58.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HITI. Tidal Investments LLC acquired a new position in shares of High Tide during the third quarter worth approximately $6,030,000. Millennium Management LLC lifted 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 worth $2,947,000 after buying an additional 675,396 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of High Tide by 15,484.2% during the third quarter. Bank of America Corp DE now owns 420,774 shares of the company’s stock worth $1,527,000 after buying an additional 418,074 shares during the last quarter. Two Sigma Investments LP lifted its holdings in shares of High Tide by 452.5% during the third quarter. Two Sigma Investments LP now owns 471,727 shares of the company’s stock worth $1,712,000 after buying an additional 386,340 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of High Tide by 35.2% during the fourth quarter. Renaissance Technologies LLC now owns 945,063 shares of the company’s stock worth $2,504,000 after buying an additional 245,863 shares during the last quarter. 4.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Canaccord Genuity Group lifted their price target on High Tide from $7.00 to $7.25 and gave the company a “buy” rating in a report on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of High Tide in a report on Tuesday, April 21st. Finally, TD Securities started coverage on High Tide in a report on Tuesday, February 24th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.