Short Interest in Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Declines By 68.3%

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

Institutional Trading of Heritage Distilling

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in Heritage Distilling in the 3rd quarter worth approximately $36,000. CIBC Bancorp USA Inc. purchased a new position in Heritage Distilling during the third quarter valued at $353,000. CIBC Private Wealth Group LLC bought a new stake in Heritage Distilling during the third quarter valued at about $361,000. Arrington Capital Management LLC purchased a new position in shares of Heritage Distilling during the 4th quarter valued at about $645,000. Finally, Polar Asset Management Partners Inc. bought a new position in shares of Heritage Distilling during the 3rd quarter valued at approximately $2,717,000.

Analysts Set New Price Targets

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

Heritage Distilling Stock Up 4.3%

Shares of NASDAQ IPST traded up $0.11 during midday trading on Monday, hitting $2.64. The stock had a trading volume of 23,939 shares, compared to its average volume of 121,230. The business’s 50 day moving average is $4.88 and its 200-day moving average is $19.19. The company has a quick ratio of 0.26, a current ratio of 0.43 and a debt-to-equity ratio of 0.01. Heritage Distilling has a 52 week low of $2.15 and a 52 week high of $532.00. The company has a market cap of $1.90 million, a P/E ratio of -0.01 and a beta of 4.87.

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