Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Short Interest Update

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

Heritage Distilling Price Performance

Shares of NASDAQ:IPST traded down $0.26 during midday trading on Tuesday, hitting $2.38. 35,229 shares of the stock were exchanged, compared to its average volume of 120,529. Heritage Distilling has a twelve month low of $2.10 and a twelve month high of $532.00. The company has a current ratio of 0.43, a quick ratio of 0.26 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average price of $4.76 and a 200-day moving average price of $18.30. The stock has a market cap of $1.72 million, a P/E ratio of -0.01 and a beta of 4.87.

Heritage Distilling (NASDAQ:IPST) last announced its earnings results on Tuesday, April 14th. The company reported ($1,192.20) earnings per share (EPS) for the quarter. The business had revenue of $4.72 million for the quarter. Heritage Distilling had a negative return on equity of 242.58% and a negative net margin of 1,875.66%.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Heritage Distilling

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

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.