$61.79 Million in Sales Expected for High Tide Inc. (NASDAQ:HITI) This Quarter

Wall Street analysts forecast that High Tide Inc. (NASDAQ:HITIGet Rating) will announce sales of $61.79 million for the current quarter, according to Zacks. Three analysts have provided estimates for High Tide’s earnings, with estimates ranging from $61.23 million to $62.45 million. High Tide posted sales of $32.46 million in the same quarter last year, which would indicate a positive year over year growth rate of 90.4%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Monday, January 1st.

On average, analysts expect that High Tide will report full-year sales of $267.20 million for the current fiscal year, with estimates ranging from $260.70 million to $274.52 million. For the next financial year, analysts expect that the firm will post sales of $375.53 million, with estimates ranging from $356.76 million to $400.14 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow High Tide.

High Tide (NASDAQ:HITIGet Rating) last announced its earnings results on Thursday, March 17th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.04). High Tide had a negative net margin of 11.84% and a negative return on equity of 22.87%. The company had revenue of $57.02 million during the quarter, compared to analysts’ expectations of $55.50 million.

A number of equities analysts have weighed in on the company. Cantor Fitzgerald decreased their target price on High Tide from $7.25 to $7.00 and set a “neutral” rating for the company in a research report on Friday, March 18th. Zacks Investment Research raised High Tide from a “sell” rating to a “hold” rating in a report on Tuesday, May 17th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $11.45.

NASDAQ:HITI opened at $2.36 on Friday. High Tide has a twelve month low of $1.73 and a twelve month high of $8.91. The stock has a market cap of $147.56 million and a P/E ratio of -10.73. The company has a quick ratio of 0.72, a current ratio of 1.13 and a debt-to-equity ratio of 0.21. The firm’s fifty day simple moving average is $3.22 and its 200 day simple moving average is $4.21.

Several large investors have recently modified their holdings of the company. Royal Bank of Canada purchased a new stake in High Tide in the second quarter valued at $38,000. Morgan Stanley acquired a new position in shares of High Tide during the 2nd quarter worth about $69,000. Citigroup Inc. acquired a new position in shares of High Tide during the 1st quarter worth about $53,000. Guardian Capital Advisors LP acquired a new position in shares of High Tide during the 4th quarter worth about $61,000. Finally, AdvisorShares Investments LLC boosted its position in shares of High Tide by 5.5% in the 1st quarter. AdvisorShares Investments LLC now owns 370,927 shares of the company’s stock valued at $1,684,000 after purchasing an additional 19,480 shares during the period. 6.75% of the stock is currently owned by hedge funds and other institutional investors.

About High Tide (Get Rating)

High Tide Inc engages in the cannabis retail business in Canada, Europe, the United States, and internationally. The company designs, manufactures, and distributes 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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