In the latest market close, High Tide Inc. (HITI) reached $2.28, with no movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 2.05%. Meanwhile, the Dow experienced a rise of 1.78%, and the technology-dominated Nasdaq saw an increase of 2.47%.
The the stock of company has fallen by 4.2% in the past month, lagging the Medical sector's loss of 3.6% and the S&P 500's gain of 5.21%.
Market participants will be closely following the financial results of High Tide Inc. in its upcoming release. Alongside, our most recent consensus estimate is anticipating revenue of $96.73 million, indicating a 5.6% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.07 per share and revenue of $404.52 million, indicating changes of -75% and +6.11%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for High Tide Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, High Tide Inc. holds a Zacks Rank of #3 (Hold).
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 147, this industry ranks in the bottom 41% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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High Tide Inc. (HITI): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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