Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Sees Large Increase in Short Interest

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the target of a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 26,447 shares, an increase of 141.5% from the June 15th total of 10,952 shares. Based on an average daily trading volume, of 69,985 shares, the short-interest ratio is presently 0.4 days. Currently, 3.8% of the company’s shares are sold short.

Institutional Trading of Heritage Distilling

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

Heritage Distilling Trading Up 0.5%

Shares of NASDAQ IPST traded up $0.01 during trading on Tuesday, reaching $2.35. The company had a trading volume of 12,672 shares, compared to its average volume of 113,823. The company’s fifty day moving average price is $4.06 and its 200-day moving average price is $12.54. Heritage Distilling has a 12 month low of $2.10 and a 12 month high of $532.00. The stock has a market cap of $1.69 million, a P/E ratio of -0.01 and a beta of 5.03. 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 (NASDAQ:IPST) last issued 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 net margin of 1,875.66% and a negative return on equity of 242.58%. The company had revenue of $4.72 million during the quarter.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on IPST shares. Wall Street Zen raised shares of Heritage Distilling to a “hold” rating in a 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 analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Heritage Distilling 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.