High Tide (NASDAQ:HITI) Announces Earnings Results, Beats Estimates By $0.01 EPS

High Tide (NASDAQ:HITI) posted its quarterly earnings results on Friday. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01, Yahoo Finance reports. High Tide had a negative return on equity of 7.25% and a negative net margin of 13.82%. The business had revenue of $93.17 million during the quarter, compared to analysts’ expectations of $89.14 million. During the same quarter last year, the company posted ($0.03) earnings per share.

High Tide Price Performance

Shares of HITI opened at $1.69 on Friday. The firm has a market capitalization of $126.90 million, a PE ratio of -2.35 and a beta of 0.57. The company’s 50-day moving average is $1.35 and its 200-day moving average is $1.30. High Tide has a fifty-two week low of $1.03 and a fifty-two week high of $2.23. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.10 and a quick ratio of 0.61.

Analyst Ratings Changes

Separately, Stifel Nicolaus initiated coverage on High Tide in a report on Wednesday, August 2nd. They set a “buy” rating for the company.

Hedge Funds Weigh In On High Tide

Several large investors have recently modified their holdings of HITI. Renaissance Technologies LLC bought a new position in shares of High Tide during the second quarter worth approximately $29,000. Citigroup Inc. bought a new stake in High Tide during the first quarter worth about $53,000. Jane Street Group LLC lifted its position in High Tide by 279.7% during the first quarter. Jane Street Group LLC now owns 53,384 shares of the company’s stock worth $72,000 after purchasing an additional 39,324 shares during the period. Millennium Management LLC bought a new stake in High Tide during the second quarter worth about $80,000. Finally, Royal Bank of Canada increased its stake in shares of High Tide by 162.9% in the 1st quarter. Royal Bank of Canada now owns 18,961 shares of the company’s stock valued at $86,000 after purchasing an additional 11,748 shares during the last quarter. 3.12% of the stock is owned by institutional investors.

About High Tide

High Tide Inc engages in the cannabis retail business in Canada, Europe, the United States, and internationally. The company manufactures and distributes smoking accessories and cannabis lifestyle products. It is also involved in the wholesale and retailing of cannabis products, as well as operates and franchises licensed retail cannabis stores.