Shares of Eastside Distilling Inc (NASDAQ:EAST) have been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.
Brokers have set a 12-month consensus price target of $9.50 for the company and are expecting that the company will post ($0.36) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Eastside Distilling an industry rank of 242 out of 255 based on the ratings given to its competitors.
Separately, ValuEngine downgraded shares of Eastside Distilling from a “buy” rating to a “hold” rating in a research report on Saturday, June 16th.
In related news, Chairman Grover T. Wickersham sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $7.75, for a total value of $387,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Steve Shum sold 11,604 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $7.52, for a total transaction of $87,262.08. The disclosure for this sale can be found here. 20.80% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of EAST. Manatuck Hill Partners LLC boosted its holdings in Eastside Distilling by 105.8% in the second quarter. Manatuck Hill Partners LLC now owns 247,000 shares of the company’s stock worth $2,100,000 after purchasing an additional 127,000 shares during the last quarter. Ashford Capital Management Inc. purchased a new stake in Eastside Distilling in the second quarter worth approximately $425,000. Finally, Royce & Associates LP purchased a new stake in Eastside Distilling in the second quarter worth approximately $144,000. Institutional investors own 11.50% of the company’s stock.
Shares of EAST traded down $0.33 on Thursday, hitting $8.07. 200 shares of the stock traded hands, compared to its average volume of 38,458. The company has a market capitalization of $54.26 million, a P/E ratio of -5.68 and a beta of 0.36. The company has a quick ratio of 2.40, a current ratio of 7.69 and a debt-to-equity ratio of 0.40. Eastside Distilling has a one year low of $3.53 and a one year high of $9.25.
Eastside Distilling (NASDAQ:EAST) last announced its quarterly earnings results on Monday, August 13th. The company reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.07). The firm had revenue of $1.52 million for the quarter, compared to the consensus estimate of $1.43 million. Eastside Distilling had a negative net margin of 130.79% and a negative return on equity of 118.61%. sell-side analysts expect that Eastside Distilling will post -1.24 EPS for the current year.
About Eastside Distilling
Eastside Distilling, Inc develops, manufactures, produces, and markets hand-crafted spirits in the United States. The company offers bourbon under the Burnside West End Blend, Burnside Oregon Oaked Bourbon, and Burnside Goose Hollow RSV Bourbon brand names; premium whiskey under the Barrel Hitch American Whiskey brand names; distinctive whiskey under the Cherry Bomb Whiskey and Marionberry Whiskey brand names; rum under the Below Deck Silver Rum, Below Deck Spiced Rum, Below Deck Coffee Rum, and Below Deck Ginger Rum brand names; and vodka under the Portland Potato Vodka brand name.
Read More: What is a Leveraged Buyout (LBO)?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Eastside Distilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastside Distilling and related companies with MarketBeat.com's FREE daily email newsletter.