Renaissance Technologies LLC Lowers Stock Holdings in High Tide Inc. (NASDAQ:HITI)

Renaissance Technologies LLC lowered its stake in High Tide Inc. (NASDAQ:HITI) by 27.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 287,100 shares of the company’s stock after selling 110,900 shares during the quarter. Renaissance Technologies LLC’s holdings in High Tide were worth $634,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HITI. Baader Bank Aktiengesellschaft boosted its holdings in High Tide by 25.9% in the second quarter. Baader Bank Aktiengesellschaft now owns 251,741 shares of the company’s stock worth $555,000 after acquiring an additional 51,741 shares in the last quarter. Perritt Capital Management Inc boosted its stake in High Tide by 92.3% in the 2nd quarter. Perritt Capital Management Inc now owns 125,000 shares of the company’s stock worth $276,000 after purchasing an additional 60,000 shares in the last quarter. Virtu Financial LLC purchased a new stake in High Tide during the 1st quarter valued at about $153,000. Perritt Capital Management Inc. purchased a new stake in High Tide during the 1st quarter valued at about $132,000. Finally, Quadrature Capital Ltd bought a new stake in High Tide during the 1st quarter valued at about $32,000. Institutional investors own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Ventum Cap Mkts upgraded shares of High Tide to a “strong-buy” rating in a report on Tuesday, July 16th. Roth Mkm reiterated a “buy” rating and set a $4.50 target price on shares of High Tide in a research note on Wednesday, September 18th.

High Tide Price Performance

Shares of NASDAQ:HITI opened at $2.23 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.78 and a current ratio of 1.26. The firm has a market cap of $179.39 million, a price-to-earnings ratio of -6.97 and a beta of 0.48. The business has a 50-day simple moving average of $2.02 and a two-hundred day simple moving average of $2.16. High Tide Inc. has a fifty-two week low of $1.14 and a fifty-two week high of $2.85.

High Tide (NASDAQ:HITI) last released its quarterly earnings data on Monday, September 16th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. The firm had revenue of $96.04 million during the quarter, compared to analysts’ expectations of $93.70 million. High Tide had a negative net margin of 6.14% and a positive return on equity of 2.06%. During the same period in the previous year, the company earned ($0.03) earnings per share. On average, analysts expect that High Tide Inc. will post -0.01 earnings per share for the current year.

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.