Short Interest in Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Drops By 56.7%

by · The Markets Daily

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST – Get Free Report) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totaling 9,698 shares, a decline of 56.7% from the July 15th total of 22,381 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average daily volume of 9,179 shares, the days-to-cover ratio is presently 1.1 days.

Hedge Funds Weigh In On Heritage Distilling

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

Heritage Distilling Price Performance

NASDAQ IPST traded up $0.12 on Friday, hitting $2.20. 807,049 shares of the company’s stock were exchanged, compared to its average volume of 21,587. The stock has a 50-day moving average of $2.61 and a 200-day moving average of $7.51. The stock has a market cap of $1.58 million, a price-to-earnings ratio of -0.01 and a beta of 4.94. Heritage Distilling has a 52 week low of $1.54 and a 52 week high of $532.00. The company has a current ratio of 0.43, a quick ratio of 0.26 and a debt-to-equity ratio of 0.01.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Heritage Distilling to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Heritage Distilling in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $164.00.

View Our Latest Report on Heritage Distilling

Heritage Distilling Company Profile

(Get Free Report)

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.

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