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

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the target of a large growth in short interest in August. As of August 31st, there was short interest totaling 50,826 shares, a growth of 257.3% from the August 15th total of 14,226 shares. Currently, 7.3% of the company’s stock are sold short. Based on an average daily volume of 13,189,059 shares, the days-to-cover ratio is currently 0.0 days.

Analyst Ratings Changes

A number of brokerages recently issued reports on IPST. Wall Street Zen upgraded shares of Heritage Distilling to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Heritage Distilling in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $164.00.

Institutional Inflows and Outflows

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

Heritage Distilling Stock Performance

Shares of NASDAQ:IPST traded down $0.06 during trading on Friday, reaching $3.70. The stock had a trading volume of 19,858 shares, compared to its average volume of 7,498,270. The stock has a fifty day simple moving average of $3.82 and a two-hundred day simple moving average of $5.62. 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 $1.54 and a 52 week high of $532.00. The firm has a market capitalization of $2.67 million, a price-to-earnings ratio of -0.01 and a beta of 5.41.

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.