Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Shares Shorted: Short Interest Down 45.0% in October

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 16,991 shares, a drop of 45.0% from the September 30th total of 30,915 shares. Currently, 2.4% of the company’s stock are short sold. Based on an average daily volume of 36,097 shares, the days-to-cover ratio is presently 0.5 days.

Heritage Distilling Stock Down 0.8%

IPST stock traded down $0.02 during mid-day trading on Friday, reaching $2.61. 58,965 shares of the company traded hands, compared to its average volume of 1,007,092. 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 cap of $2.61 million, a price-to-earnings ratio of -0.15 and a beta of 5.38. Heritage Distilling has a fifty-two week low of $1.54 and a fifty-two week high of $301.60. The firm’s 50 day moving average price is $3.50 and its 200 day moving average price is $7.57.

Heritage Distilling (NASDAQ:IPST) last announced its earnings results on Friday, October 23rd. The company reported ($13.30) earnings per share for the quarter. Heritage Distilling had a negative net margin of 2,064.21% and a negative return on equity of 185.42%. The company had revenue of $0.74 million during the quarter.

Wall Street Analyst Weigh In

IPST has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Heritage Distilling in a report on Tuesday, October 13th. Wall Street Zen raised shares of Heritage Distilling to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $164.00.

Heritage Distilling Company Profile

Heritage Distilling Company is a craft spirits producer based in Washington state. The company develops, distills, ages, bottles and sells a range of alcoholic beverages, including whiskey, bourbon, vodka, gin, rum and other specialty spirits. Its portfolio also includes ready-to-drink cocktails and flavored or infused spirit products.

Founded in 2011 by Justin and Jenny Stiefel, Heritage Distilling has built its business around small-batch production and consumer-focused distillery experiences.