Short Interest in Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Grows By 257.3%

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

Institutional Trading of Heritage Distilling

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on IPST shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Heritage Distilling in a research note on Wednesday, July 15th. Wall Street Zen raised Heritage Distilling to a “hold” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $164.00.

Heritage Distilling Stock Down 4.1%

NASDAQ IPST traded down $0.15 during trading hours on Monday, hitting $3.55. 3,887 shares of the company were exchanged, compared to its average volume of 945,971. The company has a 50 day moving average of $3.82 and a two-hundred day moving average of $5.57. 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 cap of $2.56 million, a price-to-earnings ratio of -0.01 and a beta of 5.41.

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.