Heritage Distilling (NASDAQ:IPST) Earns Buy Rating from Analysts at Roth Mkm

Research analysts at Roth Mkm began coverage on shares of Heritage Distilling (NASDAQ:IPST) in a research note issued on Friday,Benzinga reports. The firm set a “buy” rating and a $8.20 price target on the stock. Roth Mkm’s price objective suggests a potential upside of 379.53% from the company’s current price.

IPST has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Heritage Distilling from a “strong sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of Heritage Distilling in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Heritage Distilling currently has an average rating of “Hold” and an average target price of $8.20.

Heritage Distilling Trading Up 19.6%

NASDAQ:IPST traded up $0.28 during trading hours on Friday, hitting $1.71. 145,345 shares of the company traded hands, compared to its average volume of 168,824. Heritage Distilling has a twelve month low of $1.12 and a twelve month high of $28.40. The firm has a 50-day moving average of $4.36 and a 200 day moving average of $8.94. The stock has a market capitalization of $16.35 million, a price-to-earnings ratio of -0.08 and a beta of 6.04.

Heritage Distilling (NASDAQ:IPST) last posted its quarterly earnings data on Tuesday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter. The company had revenue of $2.99 million for the quarter. Heritage Distilling had a net margin of 2,132.99% and a negative return on equity of 13.65%.

Institutional Trading of Heritage Distilling

A number of hedge funds and other institutional investors have recently made changes to their positions in IPST. Virtu Financial LLC acquired a new position in Heritage Distilling during the 3rd quarter worth about $36,000. CIBC Bancorp USA Inc. acquired a new stake in Heritage Distilling in the 3rd quarter valued at about $353,000. CIBC Private Wealth Group LLC bought a new position in shares of Heritage Distilling in the third quarter worth about $361,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Heritage Distilling during the third quarter worth approximately $2,717,000.

About Heritage Distilling

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.