Analysts Anticipate High Tide Inc. (NASDAQ:HITI) Will Announce Quarterly Sales of $41.91 Million

Wall Street brokerages expect High Tide Inc. (NASDAQ:HITI) to post sales of $41.91 million for the current fiscal quarter, according to Zacks. Four analysts have made estimates for High Tide’s earnings. The lowest sales estimate is $41.04 million and the highest is $43.01 million. High Tide posted sales of $18.82 million in the same quarter last year, which would indicate a positive year over year growth rate of 122.7%. The firm is expected to report its next earnings results on Monday, March 7th.

On average, analysts expect that High Tide will report full year sales of $144.11 million for the current financial year, with estimates ranging from $142.80 million to $146.11 million. For the next financial year, analysts forecast that the firm will report sales of $283.49 million, with estimates ranging from $238.60 million to $325.68 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover High Tide.

High Tide (NASDAQ:HITI) last posted its quarterly earnings results on Tuesday, September 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.12). High Tide had a negative net margin of 21.02% and a negative return on equity of 32.36%.

Several equities research analysts have commented on the stock. Zacks Investment Research lowered shares of High Tide from a “hold” rating to a “sell” rating in a report on Tuesday, November 16th. Echelon Wealth Partners reaffirmed a “speculative buy” rating on shares of High Tide in a report on Thursday, October 7th. Desjardins lowered their price target on shares of High Tide from C$15.00 to C$13.50 and set a “buy” rating on the stock in a report on Friday, October 22nd. Cantor Fitzgerald assumed coverage on shares of High Tide in a report on Monday. They issued a “neutral” rating and a $8.75 price target on the stock. Finally, Roth Capital assumed coverage on shares of High Tide in a research report on Monday, September 13th. They issued a “buy” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.56.

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada acquired a new position in shares of High Tide in the second quarter worth about $38,000. Morgan Stanley acquired a new position in shares of High Tide in the second quarter worth about $69,000. Creative Planning acquired a new position in shares of High Tide during the 2nd quarter worth about $98,000. Bank of Montreal Can acquired a new position in shares of High Tide during the 2nd quarter worth about $132,000. Finally, CIBC World Markets Inc. acquired a new position in shares of High Tide during the 2nd quarter worth about $152,000.

NASDAQ:HITI traded down $0.05 during mid-day trading on Thursday, hitting $6.64. The company’s stock had a trading volume of 102,132 shares, compared to its average volume of 330,858. High Tide has a 1 year low of $1.93 and a 1 year high of $13.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.18 and a current ratio of 1.62. The business’s fifty day moving average price is $6.47.

High Tide Company Profile

High Tide Inc operates as a vertically-integrated company in the cannabis market in Canada, the United States, and internationally. It engages in the design, manufacture, and distribution of 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.

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