Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) Stock Short Interest Declines 79.8%

Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totaling 10,247 shares, a drop of 79.8% from the August 31st total of 50,826 shares. Currently, 1.5% of the shares of the company are sold short. Based on an average daily trading volume, of 51,184 shares, the short-interest ratio is currently 0.2 days.

Institutional Investors Weigh In On Heritage Distilling

An institutional investor recently bought a new position in Heritage Distilling stock. Arrington Capital Management LLC purchased a new position in Heritage Distilling Holding Company, Inc. (NASDAQ:IPST) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 413,701 shares of the company’s stock, valued at approximately $645,000. Heritage Distilling accounts for about 0.6% of Arrington Capital Management LLC’s investment portfolio, making the stock its 18th biggest holding. Arrington Capital Management LLC owned 4.33% of Heritage Distilling at the end of the most recent reporting period.

Heritage Distilling Stock Performance

NASDAQ IPST traded up $0.66 during mid-day trading on Friday, reaching $3.71. 4,300,899 shares of the stock were exchanged, compared to its average volume of 85,991. The company has a market capitalization of $2.68 million, a P/E ratio of -0.01 and a beta of 5.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.26 and a current ratio of 0.43. The business’s 50 day moving average is $3.92 and its 200-day moving average is $4.94. Heritage Distilling has a 1 year low of $1.54 and a 1 year high of $356.00.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Heritage Distilling in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Heritage Distilling presently has a consensus rating of “Hold” and an average price target of $164.00.

Heritage Distilling Company Profile

Heritage Distilling Company, Inc is a craft spirits producer and retailer based in the Pacific Northwest. The company develops, distills, ages, blends, bottles and sells a range of spirits, including whiskey, bourbon, gin, vodka and rum. Its portfolio includes brands such as Elk Rider Bourbon and BSB (Brown Sugar Bourbon).

The company sells its products through wholesale distributors, retailers and direct-to-consumer channels, including its own tasting rooms and online store. Heritage Distilling also operates destination distilleries that offer tastings, tours, events and other visitor experiences, combining spirits production with hospitality and brand-focused retail.

Heritage Distilling was founded in 2011 by Justin and Sarah Stiefel and has built its operations in the Pacific Northwest, including facilities in Washington state.