Heritage Distilling (NASDAQ:IPST) Coverage Initiated at Roth Mkm

Investment analysts at Roth Mkm initiated coverage on shares of Heritage Distilling (NASDAQ:IPST) in a report released on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $8.20 price target on the stock. Roth Mkm’s price target would indicate a potential upside of 457.82% from the stock’s previous close.

IPST has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Heritage Distilling in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Heritage Distilling from a “strong sell” rating to a “hold” rating in a report on Sunday, November 23rd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.20.

Heritage Distilling Stock Performance

Heritage Distilling stock opened at $1.47 on Friday. Heritage Distilling has a 52 week low of $1.12 and a 52 week high of $28.40. The firm has a market capitalization of $14.05 million, a price-to-earnings ratio of -0.07 and a beta of 6.04. The company has a 50 day moving average price of $4.10 and a 200 day moving average price of $8.90.

Heritage Distilling (NASDAQ:IPST) last released its earnings results on Tuesday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter. Heritage Distilling had a negative return on equity of 13.65% and a net margin of 2,132.99%.The company had revenue of $2.99 million during the quarter.

Hedge Funds Weigh In On Heritage Distilling

A number of hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in Heritage Distilling in the third quarter valued at approximately $36,000. CIBC Bancorp USA Inc. bought a new stake in Heritage Distilling in the third quarter worth $353,000. CIBC Private Wealth Group LLC acquired a new position in Heritage Distilling during the third quarter worth $361,000. Finally, Polar Asset Management Partners Inc. bought a new position in Heritage Distilling during the third quarter valued at about $2,717,000.

Heritage Distilling Company Profile

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.