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 significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 26,447 shares, a growth of 141.5% from the June 15th total of 10,952 shares. Approximately 3.8% of the shares of the stock are sold short. Based on an average trading volume of 69,985 shares, the days-to-cover ratio is presently 0.4 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on IPST shares. Weiss Ratings restated a “sell (d)” rating on shares of Heritage Distilling in a research note on Friday, March 27th. Wall Street Zen upgraded 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 given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $164.00.

Heritage Distilling Price Performance

Shares of IPST stock traded up $0.01 on Tuesday, reaching $2.35. The company had a trading volume of 12,672 shares, compared to its average volume of 113,823. The business’s 50-day moving average is $4.06 and its 200 day moving average is $12.54. Heritage Distilling has a one year low of $2.10 and a one year high of $532.00. The company has a quick ratio of 0.26, a current ratio of 0.43 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $1.69 million, a PE ratio of -0.01 and a beta of 5.03.

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

Institutional Trading of Heritage Distilling

Hedge funds have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. acquired a new position in shares of Heritage Distilling during the third quarter worth $2,717,000. Arrington Capital Management LLC acquired a new stake in shares of Heritage Distilling during the 4th quarter valued at $645,000. Virtu Financial LLC acquired a new stake in shares of Heritage Distilling during the 3rd quarter valued at $36,000. CIBC Bancorp USA Inc. bought a new stake in Heritage Distilling during the 3rd quarter worth $353,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Heritage Distilling during the 3rd quarter worth $361,000.

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.