Beeline (NASDAQ:BLNE) Stock Rating Upgraded by LADENBURG THALM/SH SH

Beeline (NASDAQ:BLNE) was upgraded by analysts at LADENBURG THALM/SH SH to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other brokerages have also recently issued reports on BLNE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beeline in a research report on Monday. Wall Street Zen cut shares of Beeline from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Beeline has an average rating of “Moderate Buy”.

Beeline Stock Performance

NASDAQ BLNE opened at $2.03 on Thursday. Beeline has a one year low of $0.62 and a one year high of $10.50. The company has a market capitalization of $56.33 million, a price-to-earnings ratio of -0.30 and a beta of 1.55. The company’s 50-day simple moving average is $2.31 and its two-hundred day simple moving average is $2.13.

Insider Buying and Selling

In related news, CFO Christopher R. Moe purchased 20,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The stock was acquired at an average price of $1.68 per share, with a total value of $33,600.00. Following the completion of the acquisition, the chief financial officer owned 40,000 shares in the company, valued at approximately $67,200. This represents a 100.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph David Freedman acquired 10,000 shares of the company’s stock in a transaction dated Thursday, September 25th. The shares were bought at an average cost of $4.22 per share, for a total transaction of $42,200.00. Following the completion of the acquisition, the director directly owned 165,920 shares of the company’s stock, valued at approximately $700,182.40. The trade was a 6.41% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 31,000 shares of company stock valued at $77,650 over the last quarter. 33.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beeline

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake in Beeline by 2,932.2% during the 3rd quarter. NewEdge Advisors LLC now owns 1,121,900 shares of the company’s stock valued at $4,443,000 after purchasing an additional 1,084,900 shares during the last quarter. Vanguard Group Inc. purchased a new position in shares of Beeline in the third quarter worth about $1,330,000. EMG Holdings L.P. acquired a new stake in shares of Beeline during the first quarter worth about $360,000. Worth Venture Partners LLC acquired a new stake in shares of Beeline during the second quarter worth about $71,000. Finally, Creative Planning purchased a new stake in Beeline in the second quarter valued at approximately $51,000. Hedge funds and other institutional investors own 0.58% of the company’s stock.

About Beeline

Eastside Distilling, Inc manufactures, acquires, blends, bottles, imports, exports, markets, and sells various alcoholic beverages. It operates through two segments, Spirits and Craft Canning and Bottling. The company provides whiskey under the Burnside Whiskey brand; vodka under the Portland Potato Vodka brand; rum under the Hue-Hue Coffee Rum brand; and tequila under the Azuñia Tequila brand. It also offers gin and ready-to-drink products; and canning and bottling services to the craft beer and cider industries.