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

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 share price rose 10.1% on Monday . The stock traded as high as $2.41 and last traded at $2.39. Approximately 828,571 shares changed hands 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.

Analysts Set New Price Targets

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

High Tide Trading Up 1.4%

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 firm has a market cap of $209.90 million, a price-to-earnings ratio of -32.31 and a beta of 0.52. The business's fifty day moving average is $2.30 and its two-hundred day moving average is $2.32.

High Tide (NASDAQ:HITI - Get Free Report) last issued its quarterly earnings results on Monday, June 16th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates 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 net margin of 1.71% and a negative return on equity of 6.45%. Equities analysts anticipate that High Tide Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On High Tide

A number of institutional investors and hedge funds have recently modified their holdings of HITI. Revisor Wealth Management LLC acquired a new stake in High Tide in the 2nd quarter worth about $32,000. Jane Street Group LLC lifted its position in shares of High Tide by 50.6% during the fourth quarter. Jane Street Group LLC now owns 53,089 shares of the company's stock valued at $163,000 after purchasing an additional 17,837 shares in the last quarter. StoneX Group Inc. bought a new position in shares of High Tide during the second quarter valued at about $46,000. Bank of America Corp DE bought a new position in shares of High Tide during the fourth quarter valued at about $72,000. Finally, AdvisorShares Investments LLC lifted its position in shares of High Tide by 2.2% during the second quarter. AdvisorShares Investments LLC now owns 1,475,990 shares of the company's stock valued at $3,395,000 after purchasing an additional 31,340 shares in the last quarter. 4.52% of the stock is owned by institutional investors.

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.