High Tide (NASDAQ:HITI) Trading 10.1% Higher - Here's What Happened

Key Points

• High Tide Inc. (NASDAQ:HITI) shares surged by 10.1% during trading on Monday, reaching a last traded price of $2.39.
• Roth Capital restated a "buy" rating on High Tide, increasing the price target from $4.50 to $5.00.
• The company reported a loss per share of ($0.03) for the most recent quarter, missing the consensus estimate and generating revenue of $99.86 million compared to expected revenue of $138.50 million.

High Tide Inc. (NASDAQ:HITI - Get Free Report)'s stock price was up 10.1% during trading on Monday . The company traded as high as $2.41 and last traded at $2.39. Approximately 828,571 shares were traded during mid-day trading, an increase of 217% from the average daily volume of 261,348 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

Separately, Roth Capital reissued a "buy" rating and issued a $5.00 price target (up previously from $4.50) on shares of High Tide in a research report on Wednesday, June 18th.

High Tide Stock Performance

The company has a market cap of $207.47 million, a P/E ratio of -31.94 and a beta of 0.52. The company has a quick ratio of 0.97, a current ratio of 1.57 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average price is $2.30 and its 200 day moving average price is $2.33.

High Tide (NASDAQ:HITI - Get Free Report) last announced its quarterly earnings data on Monday, June 16th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $99.86 million during the quarter, compared to analyst estimates of $138.50 million. High Tide had a negative return on equity of 6.45% and a negative net margin of 1.71%. As a group, research analysts expect that High Tide Inc. will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On High Tide

Hedge funds and other institutional investors have recently modified their holdings of the stock. Revisor Wealth Management LLC acquired a new stake in shares of High Tide in the second quarter worth $32,000. StoneX Group Inc. acquired a new stake in High Tide during the second quarter worth $46,000. Bank of America Corp DE acquired a new stake in High Tide during the fourth quarter worth $72,000. Lazard Asset Management LLC boosted its stake in High Tide by 8,334.5% during the fourth quarter. Lazard Asset Management LLC now owns 51,535 shares of the company's stock worth $159,000 after buying an additional 50,924 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in High Tide by 50.6% during the fourth quarter. Jane Street Group LLC now owns 53,089 shares of the company's stock worth $163,000 after buying an additional 17,837 shares in the last quarter. Institutional investors and hedge funds own 4.52% of the company's stock.

About High Tide

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.