High Tide Inc. (NASDAQ:HITI) to Post Q3 2022 Earnings of ($0.05) Per Share, Echelon Wealth Partners Forecasts

High Tide Inc. (NASDAQ:HITIGet Rating) – Equities research analysts at Echelon Wealth Partners lowered their Q3 2022 earnings estimates for shares of High Tide in a research report issued to clients and investors on Wednesday, June 15th. Echelon Wealth Partners analyst A. Semple now forecasts that the company will earn ($0.05) per share for the quarter, down from their previous forecast of ($0.03). The consensus estimate for High Tide’s current full-year earnings is ($0.33) per share. Echelon Wealth Partners also issued estimates for High Tide’s Q4 2022 earnings at ($0.03) EPS, FY2022 earnings at ($0.31) EPS and FY2023 earnings at $0.01 EPS.

High Tide (NASDAQ:HITIGet Rating) last released its quarterly earnings data on Tuesday, June 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The business had revenue of $63.95 million during the quarter, compared to analyst estimates of $61.79 million. High Tide had a negative net margin of 8.42% and a negative return on equity of 16.61%.

Separately, Cantor Fitzgerald cut their price objective on shares of High Tide from $7.25 to $7.00 and set a “neutral” rating for the company in a report on Friday, March 18th.

HITI stock opened at $2.06 on Monday. The company has a market cap of $128.80 million and a price-to-earnings ratio of -6.64. The company has a current ratio of 1.14, a quick ratio of 0.72 and a debt-to-equity ratio of 0.17. High Tide has a 12 month low of $1.73 and a 12 month high of $8.91. The firm has a 50-day moving average of $2.94 and a two-hundred day moving average of $4.01.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HITI. Royal Bank of Canada acquired a new stake in High Tide during the second quarter worth $38,000. Citigroup Inc. acquired a new position in shares of High Tide in the 1st quarter valued at $53,000. Guardian Capital Advisors LP acquired a new position in shares of High Tide in the 4th quarter valued at $61,000. Morgan Stanley acquired a new position in shares of High Tide in the 2nd quarter valued at $69,000. Finally, Jane Street Group LLC lifted its stake in shares of High Tide by 314.4% in the 3rd quarter. Jane Street Group LLC now owns 48,352 shares of the company’s stock valued at $300,000 after purchasing an additional 36,684 shares during the last quarter. Hedge funds and other institutional investors own 6.75% of the company’s stock.

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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