Heritage Distilling (NASDAQ:IPST) Trading Up 9% – Time to Buy?

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST)’s stock price shot up 9% during mid-day trading on Thursday . The company traded as high as $0.9368 and last traded at $0.8664. 4,283,928 shares traded hands during mid-day trading, an increase of 4,447% from the average session volume of 94,209 shares. The stock had previously closed at $0.7950.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IPST. Roth Mkm began coverage on Heritage Distilling in a research report on Friday, January 23rd. They set a “buy” rating and a $8.20 price objective on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Heritage Distilling in a research report on Monday, December 29th. Zacks Research raised shares of Heritage Distilling to a “hold” rating in a research report on Monday, January 26th. Finally, Wall Street Zen raised shares of Heritage Distilling from a “strong sell” rating to a “hold” rating in a research report on Sunday, November 23rd. One 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. According to data from MarketBeat, Heritage Distilling currently has an average rating of “Hold” and a consensus target price of $8.20.

Heritage Distilling Price Performance

The stock’s fifty day simple moving average is $1.73 and its 200-day simple moving average is $7.71. The firm has a market cap of $8.28 million, a PE ratio of -0.04 and a beta of 6.01.

Heritage Distilling (NASDAQ:IPST) last issued its quarterly earnings results on Tuesday, November 18th. The company reported $0.05 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.

Institutional Trading of Heritage Distilling

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new stake in Heritage Distilling during the third quarter worth $36,000. CIBC Bancorp USA Inc. purchased a new stake in shares of Heritage Distilling in the third quarter valued at approximately $353,000. CIBC Private Wealth Group LLC purchased a new position in shares of Heritage Distilling during the 3rd quarter valued at approximately $361,000. Arrington Capital Management LLC acquired a new position in Heritage Distilling during the fourth quarter worth $645,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Heritage Distilling in the third quarter valued at about $2,717,000.

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.