Short Interest in Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Rises By 257.3%

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 50,826 shares, an increase of 257.3% from the August 15th total of 14,226 shares. Currently, 7.3% of the company’s shares are sold short. Based on an average daily volume of 13,189,059 shares, the days-to-cover ratio is presently 0.0 days.

Heritage Distilling Trading Down 1.6%

Shares of IPST traded down $0.06 during mid-day trading on Friday, reaching $3.70. 19,858 shares of the company’s stock traded hands, compared to its average volume of 7,498,270. The stock has a market cap of $2.66 million, a P/E ratio of -0.01 and a beta of 5.41. The stock’s 50-day moving average is $3.82 and its two-hundred day moving average is $5.62. Heritage Distilling has a 12 month low of $1.54 and a 12 month high of $532.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.43 and a quick ratio of 0.26.

Institutional Trading of Heritage Distilling

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Heritage Distilling in a research report on Wednesday, July 15th. Wall Street Zen upgraded shares of Heritage Distilling to a “hold” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $164.00.

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.