High Tide Inc. (NASDAQ:HITI) Expected to Announce Quarterly Sales of $41.91 Million

Analysts expect High Tide Inc. (NASDAQ:HITI) to post sales of $41.91 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued 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 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 expect that the business will report sales of $283.49 million, with estimates ranging from $238.60 million to $325.68 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for High Tide.

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

HITI has been the topic of a number of research reports. Desjardins lowered their price target on 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. Zacks Investment Research lowered High Tide from a “hold” rating to a “sell” rating in a report on Tuesday, November 16th. Cantor Fitzgerald initiated coverage on High Tide in a report on Monday. They set a “neutral” rating and a $8.75 price target on the stock. Echelon Wealth Partners reissued a “speculative buy” rating on shares of High Tide in a report on Thursday, October 7th. Finally, Roth Capital began coverage on High Tide in a report on Monday, September 13th. They issued a “buy” rating and a $12.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, High Tide has an average rating of “Hold” and an average price target of $13.56.

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada purchased a new position in shares of High Tide in the second quarter valued at $38,000. Morgan Stanley purchased a new position in shares of High Tide in the second quarter valued at $69,000. Creative Planning purchased a new position in shares of High Tide in the second quarter valued at $98,000. Bank of Montreal Can purchased a new position in shares of High Tide in the second quarter valued at $132,000. Finally, CIBC World Markets Inc. purchased a new position in shares of High Tide in the second quarter valued at $152,000.

Shares of NASDAQ HITI traded down $0.05 during midday trading on Thursday, reaching $6.64. 102,132 shares of the company were exchanged, compared to its average volume of 330,858. The company has a quick ratio of 1.18, a current ratio of 1.62 and a debt-to-equity ratio of 0.21. High Tide has a 1 year low of $1.93 and a 1 year high of $13.29. The company’s fifty day moving average 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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