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

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 10,952 shares, a decrease of 68.3% from the May 31st total of 34,593 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily volume of 34,095 shares, the short-interest ratio is presently 0.3 days.

Wall Street Analyst Weigh In

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

Heritage Distilling Stock Down 4.9%

Shares of IPST traded down $0.13 during mid-day trading on Friday, reaching $2.53. The company’s stock had a trading volume of 498,195 shares, compared to its average volume of 31,993. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.43 and a quick ratio of 0.26. Heritage Distilling has a 12-month low of $2.15 and a 12-month high of $532.00. The stock has a market cap of $1.82 million, a PE ratio of -0.01 and a beta of 4.86. The company’s 50 day moving average is $4.88 and its 200 day moving average is $19.94.

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

Institutional Inflows and Outflows

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

Heritage Distilling Company Profile

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.