Why High Tide Inc. (HITI) Dipped More Than Broader Market Today

The most recent trading session ended with High Tide Inc. (HITI) standing at $2.24, reflecting a -1.32% shift from the previouse trading day's closing. This change lagged the S&P 500's 0.02% loss on the day. At the same time, the Dow lost 0.21%, and the tech-heavy Nasdaq gained 0.29%.

The company's shares have seen an increase of 0.44% over the last month, not keeping up with the Medical sector's gain of 1.65% and the S&P 500's gain of 1.29%.

The investment community will be paying close attention to the earnings performance of High Tide Inc. in its upcoming release. The company is expected to report EPS of -$0.01, unchanged from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $94.17 million, up 8.08% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0 per share and a revenue of $387.47 million, representing changes of +100% and +7.16%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for High Tide Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, High Tide Inc. is carrying a Zacks Rank of #1 (Strong Buy).

Investors should also note High Tide Inc.'s current valuation metrics, including its Forward P/E ratio of 681. This signifies a premium in comparison to the average Forward P/E of 22.71 for its industry.

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 100, which puts it in the top 40% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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