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

Equities analysts expect High Tide Inc. (NASDAQ:HITI) to post $41.91 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for High Tide’s earnings, with the lowest sales estimate coming in at $41.04 million and the highest estimate coming in at $43.01 million. High Tide reported sales of $18.82 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 122.7%. The business is scheduled to announce its next quarterly earnings report 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 fiscal year, analysts anticipate that the company will report sales of $283.49 million, with estimates ranging from $238.60 million to $325.68 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for High Tide.

High Tide (NASDAQ:HITI) last announced its earnings results on Tuesday, September 14th. The company reported ($0.11) earnings per share 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%.

HITI has been the subject of several analyst reports. Zacks Investment Research downgraded shares of High Tide from a “hold” rating to a “sell” rating in a research note on Tuesday, November 16th. Desjardins decreased their target price on shares of High Tide from C$15.00 to C$13.50 and set a “buy” rating for the company in a research note on Friday, October 22nd. Echelon Wealth Partners reaffirmed a “speculative buy” rating on shares of High Tide in a report on Thursday, October 7th. Cantor Fitzgerald initiated 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 initiated coverage on shares of High Tide in a report on Monday, September 13th. They issued a “buy” rating and a $12.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, High Tide presently has a consensus rating of “Hold” and a consensus target price of $13.56.

Shares of HITI stock traded down $0.05 on Thursday, hitting $6.64. The stock had a trading volume of 102,132 shares, compared to its average volume of 330,858. The business has a 50 day simple moving average of $6.47. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.21. High Tide has a 52-week low of $1.93 and a 52-week high of $13.29.

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

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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