Heritage Distilling (NASDAQ:IPST) Upgraded at Zacks Research

Zacks Research upgraded shares of Heritage Distilling (NASDAQ:IPST) to a hold rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Heritage Distilling from a “strong sell” rating to a “hold” rating in a report on Sunday, November 23rd. Roth Mkm initiated coverage on Heritage Distilling in a research report on Friday, January 23rd. They issued a “buy” rating and a $8.20 price objective on the stock. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Heritage Distilling in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Heritage Distilling presently has a consensus rating of “Hold” and a consensus price target of $8.20.

Heritage Distilling Price Performance

NASDAQ IPST opened at $1.33 on Monday. Heritage Distilling has a 1-year low of $1.12 and a 1-year high of $28.40. The firm has a market capitalization of $12.71 million, a P/E ratio of -0.06 and a beta of 6.04. The business’s 50-day simple moving average is $3.59 and its 200-day simple moving average is $8.72.

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

Institutional Trading of Heritage Distilling

A number of hedge funds and other institutional investors have recently modified their holdings of IPST. Polar Asset Management Partners Inc. acquired a new position in shares of Heritage Distilling in the 3rd quarter worth approximately $2,717,000. CIBC Private Wealth Group LLC bought a new position in Heritage Distilling during the third quarter worth $361,000. CIBC Bancorp USA Inc. acquired a new position in Heritage Distilling in the third quarter worth $353,000. Finally, Virtu Financial LLC acquired a new position in Heritage Distilling in the third quarter worth $36,000.

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.