Eastside Distilling (NASDAQ:EAST) Downgraded to Hold at ValuEngine

ValuEngine lowered shares of Eastside Distilling (NASDAQ:EAST) from a buy rating to a hold rating in a research report released on Thursday morning, ValuEngine reports.

Shares of EAST traded down $0.07 during mid-day trading on Thursday, hitting $3.50. 60,900 shares of the stock were exchanged, compared to its average volume of 37,805. The company has a market cap of $36.19 million, a PE ratio of -2.35 and a beta of 0.39. Eastside Distilling has a 52-week low of $3.32 and a 52-week high of $7.94. The firm has a 50-day moving average of $4.49 and a two-hundred day moving average of $4.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.10 and a current ratio of 4.67.

Eastside Distilling (NASDAQ:EAST) last issued its quarterly earnings data on Thursday, November 14th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by ($0.14). The firm had revenue of $4.43 million for the quarter, compared to analysts’ expectations of $4.57 million. Eastside Distilling had a negative return on equity of 72.28% and a negative net margin of 108.78%. On average, sell-side analysts predict that Eastside Distilling will post -1.08 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Eastside Distilling by 27.4% during the 2nd quarter. BlackRock Inc. now owns 22,344 shares of the company’s stock worth $101,000 after acquiring an additional 4,810 shares in the last quarter. Connors Investor Services Inc. raised its holdings in shares of Eastside Distilling by 10.4% during the 2nd quarter. Connors Investor Services Inc. now owns 62,436 shares of the company’s stock worth $281,000 after acquiring an additional 5,900 shares in the last quarter. First Wilshire Securities Management Inc. purchased a new stake in shares of Eastside Distilling during the 2nd quarter worth approximately $45,000. Citadel Advisors LLC purchased a new stake in shares of Eastside Distilling during the 2nd quarter worth approximately $48,000. Finally, Penbrook Management LLC purchased a new stake in shares of Eastside Distilling during the 3rd quarter worth approximately $600,000. 34.28% of the stock is currently owned by institutional investors and hedge funds.

Eastside Distilling Company Profile

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.

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