High Tide (NASDAQ:HITI) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• High Tide (NASDAQ:HITI) reported earnings of $0.01 per share, exceeding estimates by $0.02, despite a negative net margin of 1.71% and a return on equity of -6.45%.
• The company's stock saw a 7.3% increase, reaching $3.68, with a market capitalization of approximately $320.45 million.
• Analysts have responded positively, with Haywood Securities upgrading the stock to "strong-buy" and Roth Capital raising its price target to $5.00.

High Tide (NASDAQ:HITI - Get Free Report) announced its quarterly earnings data on Monday. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02, Zacks reports. The business had revenue of $108.04 million for the quarter, compared to the consensus estimate of $146.00 million. High Tide had a negative net margin of 1.66% and a negative return on equity of 6.50%.

High Tide Price Performance

NASDAQ:HITI traded down $0.19 during mid-day trading on Friday, reaching $3.79. 1,202,985 shares of the company were exchanged, compared to its average volume of 1,312,437. High Tide has a 12 month low of $1.64 and a 12 month high of $4.06. The company has a fifty day moving average of $2.88 and a 200 day moving average of $2.46. The company has a quick ratio of 0.97, a current ratio of 1.85 and a debt-to-equity ratio of 0.42. The stock has a market cap of $330.15 million, a PE ratio of -47.38 and a beta of 0.58.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HITI shares. Roth Capital reaffirmed a "buy" rating and set a $5.00 price target (up from $4.50) on shares of High Tide in a report on Wednesday, June 18th. Haywood Securities upgraded shares of High Tide to a "strong-buy" rating in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. Based on data from MarketBeat, High Tide currently has an average rating of "Strong Buy" and an average price target of $5.00.

Institutional Trading of High Tide

A number of hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. grew its stake in shares of High Tide by 82,976.9% during the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock worth $25,000 after acquiring an additional 10,787 shares in the last quarter. Boothbay Fund Management LLC bought a new position in High Tide in the second quarter valued at about $110,000. Murchinson Ltd. bought a new stake in shares of High Tide during the second quarter worth about $398,000. StoneX Group Inc. bought a new stake in High Tide in the second quarter valued at approximately $46,000. Finally, Bank of America Corp DE acquired a new position in High Tide in the fourth quarter valued at approximately $72,000. 4.52% of the stock is currently owned by institutional investors and hedge funds.

High Tide Company Profile

High Tide Inc engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Retail and Wholesale segments. It operates licensed retail cannabis stores; and provides data analytics services. In addition, the company manufactures and distributes consumption accessories.