Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Stock Short Interest Drops 45.0%

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the target of a large drop in short interest in October. As of October 15th, there was short interest totaling 16,991 shares, a drop of 45.0% from the September 30th total of 30,915 shares. Based on an average daily volume of 36,097 shares, the days-to-cover ratio is currently 0.5 days. Approximately 2.4% of the company’s stock are sold short.

Heritage Distilling Stock Down 0.8%

Shares of NASDAQ:IPST traded down $0.02 during trading on Friday, hitting $2.61. 58,965 shares of the company were exchanged, compared to its average volume of 1,007,092. The firm’s 50 day moving average price is $3.50 and its 200-day moving average price is $7.57. Heritage Distilling has a 12-month low of $1.54 and a 12-month high of $301.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.43 and a quick ratio of 0.26. The stock has a market capitalization of $2.60 million, a P/E ratio of -0.15 and a beta of 5.38.

Heritage Distilling (NASDAQ:IPST) last announced its quarterly earnings results on Friday, October 23rd. The company reported ($13.30) EPS for the quarter. Heritage Distilling had a negative return on equity of 185.42% and a negative net margin of 2,064.21%. The company had revenue of $0.74 million for the quarter.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on IPST shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Heritage Distilling in a research note on Tuesday, October 13th. Wall Street Zen raised Heritage Distilling to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $164.00.

About Heritage Distilling

Heritage Distilling Company is a craft spirits producer based in Washington state. The company develops, distills, ages, bottles and sells a range of alcoholic beverages, including whiskey, bourbon, vodka, gin, rum and other specialty spirits. Its portfolio also includes ready-to-drink cocktails and flavored or infused spirit products.

Founded in 2011 by Justin and Jenny Stiefel, Heritage Distilling has built its business around small-batch production and consumer-focused distillery experiences.