Eastside Distilling (NASDAQ:EAST) Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Eastside Distilling (NASDAQ:EAST) from a buy rating to a hold rating in a report released on Thursday, ValuEngine reports.

NASDAQ EAST traded down $0.29 during trading hours on Thursday, hitting $3.21. The company had a trading volume of 29,400 shares, compared to its average volume of 37,767. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.10 and a current ratio of 4.67. Eastside Distilling has a 1-year low of $3.10 and a 1-year high of $7.94. The company has a market cap of $32.71 million, a PE ratio of -2.15 and a beta of 0.39. The business has a 50 day moving average of $4.40 and a 200-day moving average of $4.61.

Eastside Distilling (NASDAQ:EAST) last released its quarterly earnings data on Thursday, November 14th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.14). Eastside Distilling had a negative net margin of 90.06% and a negative return on equity of 72.53%. The company had revenue of $4.43 million during the quarter, compared to analyst estimates of $4.57 million. Sell-side analysts expect that Eastside Distilling will post -1.08 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. ARS Investment Partners LLC boosted its stake in shares of Eastside Distilling by 52.2% during the second quarter. ARS Investment Partners LLC now owns 587,361 shares of the company’s stock worth $2,643,000 after buying an additional 201,359 shares during the period. Connors Investor Services Inc. boosted its stake in shares of Eastside Distilling by 10.4% during the second quarter. Connors Investor Services Inc. now owns 62,436 shares of the company’s stock worth $281,000 after buying an additional 5,900 shares during the period. BlackRock Inc. boosted its stake in shares of Eastside Distilling by 27.4% during the second quarter. BlackRock Inc. now owns 22,344 shares of the company’s stock worth $101,000 after buying an additional 4,810 shares during the period. Citadel Advisors LLC acquired a new stake in shares of Eastside Distilling during the second quarter worth about $48,000. Finally, Penbrook Management LLC acquired a new stake in shares of Eastside Distilling during the third quarter worth about $600,000. Institutional investors and hedge funds own 36.42% of the company’s stock.

Eastside Distilling Company Profile

Eastside Distilling, Inc develops, manufactures, produces, and markets hand-crafted spirits in the United States. The company offers bourbon under the Burnside West End Blend, Burnside Oregon Oaked Bourbon, and Burnside Goose Hollow RSV Bourbon brand names; premium whiskey under the Barrel Hitch American Whiskey brand names; distinctive whiskey under the Cherry Bomb Whiskey and Marionberry Whiskey brand names; rum under the Below Deck Silver Rum, Below Deck Spiced Rum, Below Deck Coffee Rum, and Below Deck Ginger Rum brand names; and vodka under the Portland Potato Vodka brand name.

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