High Tide Inc. (HITI Quick QuoteHITI - Free Report) shares ended the last trading session 6.7% higher at $5.28. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 8.1% gain over the past four weeks.

High Tide witnessed solid price appreciation following the completion of its acquisition of 100% equity interest of Bud Room Inc. along with assignments of the vendors' shareholder loans. Through this buyout, High Tide secures ownership of all rights to the customized Fastendr retail kiosk and smart locker technology as well as Bud Room's retail cannabis store.

This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -600%. Revenues are expected to be $55.5 million, up 86.4% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For High Tide Inc., the consensus EPS estimate for the quarter has been revised 55% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on HITI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>