Millennium Management LLC Lowers Stock Position in High Tide Inc. (NASDAQ:HITI)

Millennium Management LLC lowered its position in shares of High Tide Inc. (NASDAQ:HITI) by 36.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 123,002 shares of the company’s stock after selling 69,698 shares during the quarter. Millennium Management LLC owned about 0.15% of High Tide worth $380,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lazard Asset Management LLC increased its holdings in shares of High Tide by 8,334.5% during the fourth quarter. Lazard Asset Management LLC now owns 51,535 shares of the company’s stock valued at $159,000 after acquiring an additional 50,924 shares in the last quarter. Bank of America Corp DE bought a new position in shares of High Tide during the fourth quarter valued at $72,000. Jane Street Group LLC increased its holdings 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 acquiring an additional 17,837 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of High Tide by 142.4% during the fourth quarter. Renaissance Technologies LLC now owns 839,600 shares of the company’s stock valued at $2,594,000 after acquiring an additional 493,300 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of High Tide during the fourth quarter valued at $1,605,000. Hedge funds and other institutional investors own 4.52% of the company’s stock.

High Tide Price Performance

NASDAQ HITI opened at $2.36 on Tuesday. High Tide Inc. has a one year low of $1.57 and a one year high of $3.62. The stock has a 50-day moving average of $2.24 and a 200 day moving average of $2.59. The company has a market capitalization of $191.24 million, a price-to-earnings ratio of -78.67 and a beta of 0.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.92 and a current ratio of 1.40.

High Tide (NASDAQ:HITI) last announced its earnings results on Friday, March 21st. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). High Tide had a negative return on equity of 2.93% and a negative net margin of 0.81%. The firm had revenue of $100.25 million during the quarter, compared to analysts’ expectations of $138.83 million. On average, sell-side analysts forecast that High Tide Inc. will post -0.04 EPS for the current year.

High Tide 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.