Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Sees Large Drop in Short Interest

Heritage Distilling Holding Company, Inc. (NASDAQ:IPSTGet Free Report) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 10,952 shares, a drop of 68.3% from the May 31st total of 34,593 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily trading volume, of 34,095 shares, the days-to-cover ratio is presently 0.3 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Heritage Distilling in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Heritage Distilling to a “hold” rating in a research report on Saturday, May 23rd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $164.00.

View Our Latest Stock Analysis on IPST

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Polar Asset Management Partners Inc. purchased a new stake in shares of Heritage Distilling during the third quarter worth approximately $2,717,000. Arrington Capital Management LLC purchased a new position in Heritage Distilling in the 4th quarter valued at $645,000. CIBC Private Wealth Group LLC purchased a new position in Heritage Distilling in the 3rd quarter valued at $361,000. CIBC Bancorp USA Inc. acquired a new position in Heritage Distilling in the 3rd quarter valued at $353,000. Finally, Virtu Financial LLC purchased a new position in Heritage Distilling during the 3rd quarter worth $36,000.

Heritage Distilling Stock Performance

Shares of IPST traded down $0.13 during mid-day trading on Friday, hitting $2.53. 498,195 shares of the company’s stock were exchanged, compared to its average volume of 31,993. Heritage Distilling has a fifty-two week low of $2.15 and a fifty-two week high of $532.00. The firm has a market capitalization of $1.82 million, a P/E ratio of -0.01 and a beta of 4.86. The business’s 50 day moving average is $4.88 and its two-hundred day moving average is $19.94. The company has a current ratio of 0.43, a quick ratio of 0.26 and a debt-to-equity ratio of 0.01.

Heritage Distilling (NASDAQ:IPSTGet Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The company reported ($1,192.20) earnings per share (EPS) for the quarter. The company had revenue of $4.72 million during the quarter. Heritage Distilling had a negative net margin of 1,875.66% and a negative return on equity of 242.58%.

About Heritage Distilling

(Get Free Report)

Heritage Distilling Company (NASDAQ: CASK) is a craft distiller and distributor of premium spirits based in Washington state. The company specializes in the small-batch production of a diverse portfolio that includes bourbon, rye whiskey, gin, vodka, rum and specialty liqueurs. Heritage combines traditional distillation techniques with locally sourced grains and pure water, aiming to deliver distinctive flavor profiles that appeal to connoisseurs and casual drinkers alike.

Founded in 2010 in Gig Harbor, Washington, Heritage Distilling has expanded its operations to include multiple distillery facilities and tasting rooms, offering guided tours, tasting experiences and educational events.

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