Zacks: Eastside Distilling Inc (EAST) Given Consensus Recommendation of “Strong Buy” by Brokerages

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

Analysts have set a 12-month consensus price objective of $9.50 for the company and are predicting that the company will post ($0.36) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Eastside Distilling an industry rank of 237 out of 255 based on the ratings given to its competitors.

Separately, ValuEngine cut Eastside Distilling from a “buy” rating to a “hold” rating in a research note on Saturday, June 16th.

Shares of EAST traded down $0.01 during mid-day trading on Friday, hitting $7.58. 201 shares of the company’s stock traded hands, compared to its average volume of 24,751. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.40 and a current ratio of 7.69. Eastside Distilling has a 1 year low of $3.53 and a 1 year high of $9.25. The stock has a market capitalization of $52.60 million, a PE ratio of -5.35 and a beta of 0.31.

Eastside Distilling (NASDAQ:EAST) last posted its earnings results on Monday, August 13th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.07). Eastside Distilling had a negative net margin of 130.79% and a negative return on equity of 118.61%. The business had revenue of $1.52 million for the quarter, compared to analysts’ expectations of $1.43 million. Research analysts forecast that Eastside Distilling will post -1.24 EPS for the current fiscal year.

In other news, Chairman Grover T. Wickersham sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $7.75, for a total transaction of $387,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Steve Shum sold 11,604 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $7.52, for a total value of $87,262.08. The disclosure for this sale can be found here. 20.80% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Royce & Associates LP purchased a new stake in Eastside Distilling in the second quarter worth $144,000. Ashford Capital Management Inc. purchased a new stake in Eastside Distilling in the second quarter worth $425,000. Finally, Manatuck Hill Partners LLC grew its stake in Eastside Distilling by 105.8% in the second quarter. Manatuck Hill Partners LLC now owns 247,000 shares of the company’s stock worth $2,100,000 after purchasing an additional 127,000 shares during the period. 11.50% of the stock is currently owned by hedge funds and other institutional investors.

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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