High Tide (NASDAQ:HITI) Posts Earnings Results, Beats Expectations 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) released its quarterly earnings data on Monday. The company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.02, Zacks reports. High Tide had a negative net margin of 1.71% and a negative return on equity of 6.45%.

High Tide Trading Up 7.3%

HITI stock traded up $0.25 during trading on Monday, reaching $3.68. 3,455,818 shares of the stock were exchanged, compared to its average volume of 560,297. High Tide has a 1 year low of $1.64 and a 1 year high of $3.69. The firm has a market capitalization of $320.45 million, a price-to-earnings ratio of -46.00 and a beta of 0.58. The business has a 50 day moving average price of $2.74 and a 200-day moving average price of $2.41. The company has a current ratio of 1.57, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30.

Analyst Upgrades and Downgrades

Several research firms recently commented on HITI. Haywood Securities upgraded shares of High Tide to a "strong-buy" rating in a research report on Friday. Roth Capital reaffirmed a "buy" rating and set a $5.00 price objective (up from $4.50) on shares of High Tide in a report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat.com, High Tide presently has a consensus rating of "Buy" and an average target price of $4.75.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Murchinson Ltd. acquired a new position in High Tide during the 2nd quarter worth approximately $398,000. Boothbay Fund Management LLC acquired a new position in High Tide during the 2nd quarter worth approximately $110,000. Bank of America Corp DE acquired a new position in High Tide during the 4th quarter worth approximately $72,000. StoneX Group Inc. acquired a new position in shares of High Tide in the 2nd quarter valued at $46,000. Finally, Osaic Holdings Inc. boosted its holdings in shares of High Tide by 82,976.9% in the 2nd quarter. Osaic Holdings Inc. now owns 10,800 shares of the company's stock valued at $25,000 after buying an additional 10,787 shares in the last quarter. Institutional investors and hedge funds own 4.52% of the company's stock.

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.

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