Brokerages Set $10.50 Price Target for Eastside Distilling Inc (NASDAQ:EAST)

Shares of Eastside Distilling Inc (NASDAQ:EAST) have been given an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.

Brokerages have set a 12-month consensus price objective of $10.50 for the company and are anticipating that the company will post ($0.20) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Eastside Distilling an industry rank of 223 out of 256 based on the ratings given to related companies.

Separately, ValuEngine cut Eastside Distilling from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th.

A number of institutional investors have recently made changes to their positions in EAST. ARS Investment Partners LLC raised its position in Eastside Distilling by 52.2% in the 2nd quarter. ARS Investment Partners LLC now owns 587,361 shares of the company’s stock valued at $2,643,000 after buying an additional 201,359 shares during the last quarter. Connors Investor Services Inc. raised its position in Eastside Distilling by 27.0% in the 1st quarter. Connors Investor Services Inc. now owns 56,536 shares of the company’s stock valued at $328,000 after buying an additional 12,034 shares during the last quarter. Citadel Advisors LLC acquired a new stake in Eastside Distilling in the 2nd quarter valued at approximately $48,000. First Wilshire Securities Management Inc. acquired a new stake in Eastside Distilling in the 2nd quarter valued at approximately $45,000. Finally, Royce & Associates LP raised its position in Eastside Distilling by 19.9% in the 1st quarter. Royce & Associates LP now owns 42,150 shares of the company’s stock valued at $245,000 after buying an additional 7,000 shares during the last quarter. 33.57% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:EAST traded down $0.03 during trading on Monday, hitting $4.89. 22,600 shares of the company’s stock traded hands, compared to its average volume of 39,412. Eastside Distilling has a 52 week low of $3.32 and a 52 week high of $8.74. The company has a current ratio of 4.67, a quick ratio of 1.10 and a debt-to-equity ratio of 0.23. The company has a market cap of $45.81 million, a price-to-earnings ratio of -3.28 and a beta of 0.44. The company has a 50-day moving average price of $4.79 and a 200-day moving average price of $4.98.

Eastside Distilling (NASDAQ:EAST) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.12). Eastside Distilling had a negative net margin of 108.78% and a negative return on equity of 72.28%. The business had revenue of $3.90 million for the quarter, compared to the consensus estimate of $4.26 million. On average, analysts predict that Eastside Distilling will post -1.08 earnings per share for the current fiscal year.

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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