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

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the target of a large decline in short interest during the month of April. As of April 30th, there was short interest totaling 31,373 shares, a decline of 93.6% from the April 15th total of 487,956 shares. Currently, 6.3% of the shares of the stock are short sold. Based on an average trading volume of 77,637 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Zacks Research upgraded Heritage Distilling to a “hold” rating in a report on Monday, January 26th. Weiss Ratings reissued a “sell (d)” rating on shares of Heritage Distilling in a research report on Friday, March 27th. Finally, Roth Mkm initiated coverage on Heritage Distilling in a research report on Friday, January 23rd. They set a “buy” rating and a $164.00 target price on the stock. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $164.00.

Institutional Investors Weigh In On Heritage Distilling

Institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new position in shares of Heritage Distilling during the 3rd quarter worth about $36,000. Polar Asset Management Partners Inc. bought a new position in Heritage Distilling during the third quarter worth about $2,717,000. CIBC Bancorp USA Inc. bought a new stake in Heritage Distilling in the third quarter valued at approximately $353,000. CIBC Private Wealth Group LLC bought a new stake in Heritage Distilling in the 3rd quarter valued at $361,000. Finally, Arrington Capital Management LLC acquired a new position in shares of Heritage Distilling in the fourth quarter valued at $645,000.

Heritage Distilling Trading Down 1.3%

Shares of IPST traded down $0.07 on Tuesday, reaching $5.09. 14,491 shares of the company’s stock were exchanged, compared to its average volume of 130,224. The stock has a market capitalization of $2.62 million, a P/E ratio of -0.01 and a beta of 5.06. The business has a 50 day moving average price of $8.03 and a two-hundred day moving average price of $65.01. Heritage Distilling has a 12 month low of $4.25 and a 12 month high of $532.00.

Heritage Distilling (NASDAQ:IPST) last issued its earnings results on Tuesday, April 14th. The company reported ($1,192.20) EPS for the quarter. Heritage Distilling had a negative net margin of 1,360.95% and a negative return on equity of 258.58%. The firm had revenue of $4.72 million during the quarter.

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.