Beeline (NASDAQ:BLNE) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Beeline (NASDAQ:BLNE) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beeline in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Beeline Price Performance

BLNE stock opened at $2.05 on Friday. The firm has a 50 day simple moving average of $2.58 and a two-hundred day simple moving average of $2.08. The stock has a market cap of $56.89 million, a PE ratio of -0.30 and a beta of 1.56. Beeline has a one year low of $0.62 and a one year high of $10.50.

Insiders Place Their Bets

In other Beeline news, Director Joseph David Freedman purchased 10,000 shares of the business’s stock in a transaction on Thursday, September 25th. The stock was acquired at an average cost of $4.22 per share, for a total transaction of $42,200.00. Following the completion of the transaction, the director directly owned 165,920 shares in the company, valued at approximately $700,182.40. This represents a 6.41% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Christopher R. Moe acquired 20,000 shares of Beeline stock in a transaction dated Wednesday, November 19th. The shares were bought at an average cost of $1.68 per share, for a total transaction of $33,600.00. Following the completion of the purchase, the chief financial officer directly owned 40,000 shares of the company’s stock, valued at approximately $67,200. The trade was a 100.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 31,000 shares of company stock worth $77,650. 33.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beeline

Institutional investors have recently bought and sold shares of the stock. EMG Holdings L.P. purchased a new position in Beeline in the 1st quarter worth approximately $360,000. Worth Venture Partners LLC purchased a new stake in shares of Beeline during the second quarter valued at approximately $71,000. Waddell & Associates LLC grew its holdings in shares of Beeline by 100.0% in the third quarter. Waddell & Associates LLC now owns 20,000 shares of the company’s stock worth $79,000 after purchasing an additional 10,000 shares during the last quarter. Creative Planning purchased a new position in shares of Beeline in the second quarter worth $51,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Beeline in the second quarter worth $55,000. 0.58% of the stock is currently owned by hedge funds and other institutional investors.

About Beeline

Eastside Distilling, Inc manufactures, acquires, blends, bottles, imports, exports, markets, and sells various alcoholic beverages. It operates through two segments, Spirits and Craft Canning and Bottling. The company provides whiskey under the Burnside Whiskey brand; vodka under the Portland Potato Vodka brand; rum under the Hue-Hue Coffee Rum brand; and tequila under the Azuñia Tequila brand.