Beeline (NASDAQ:BLNE) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Beeline (NASDAQ:BLNE) from a sell rating to a hold rating in a report issued on Saturday.

BLNE has been the topic of several other research reports. LADENBURG THALM/SH SH upgraded Beeline to a “strong-buy” rating in a report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beeline in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Beeline presently has a consensus rating of “Moderate Buy”.

Beeline Price Performance

NASDAQ:BLNE opened at $2.05 on Friday. The firm has a market cap of $56.89 million, a PE ratio of -0.30 and a beta of 1.62. The firm has a 50 day simple moving average of $1.92 and a 200-day simple moving average of $2.25. Beeline has a 1-year low of $0.62 and a 1-year high of $10.50.

Insiders Place Their Bets

In other news, CFO Christopher R. Moe purchased 20,000 shares of the stock in a transaction on Wednesday, November 19th. The stock was purchased at an average price of $1.68 per share, with a total value of $33,600.00. Following the completion of the transaction, the chief financial officer owned 40,000 shares in the company, valued at approximately $67,200. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 33.20% of the company’s stock.

Hedge Funds Weigh In On Beeline

Large investors have recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of Beeline by 2,932.2% during the 3rd quarter. NewEdge Advisors LLC now owns 1,121,900 shares of the company’s stock worth $4,443,000 after purchasing an additional 1,084,900 shares during the period. Vanguard Group Inc. acquired a new position in Beeline during the third quarter valued at approximately $1,330,000. Worth Venture Partners LLC purchased a new stake in Beeline during the second quarter worth approximately $71,000. Creative Planning acquired a new stake in shares of Beeline in the second quarter worth $51,000. Finally, Scientech Research LLC purchased a new position in shares of Beeline in the 3rd quarter valued at $89,000. 0.58% of the stock is currently owned by hedge funds and other institutional investors.

About Beeline

Eastside Distilling, Inc manufactures, acquires, blends, bottles, imports, exports, markets, and sells various alcoholic beverages. It operates through two segments, Spirits and Craft Canning and Bottling. The company provides whiskey under the Burnside Whiskey brand; vodka under the Portland Potato Vodka brand; rum under the Hue-Hue Coffee Rum brand; and tequila under the Azuñia Tequila brand. It also offers gin and ready-to-drink products; and canning and bottling services to the craft beer and cider industries.