Beeline (NASDAQ:BLNE) Raised to “Hold” at Wall Street Zen

Beeline (NASDAQ:BLNE) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

BLNE has been the topic of a number of other research reports. LADENBURG THALM/SH SH upgraded shares of Beeline to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Beeline in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Beeline presently has an average rating of “Moderate Buy”.

Beeline Stock Performance

Shares of NASDAQ:BLNE opened at $2.05 on Friday. The firm has a market cap of $56.89 million, a price-to-earnings ratio of -0.30 and a beta of 1.62. The business has a 50-day simple moving average of $1.92 and a two-hundred day simple moving average of $2.24. Beeline has a fifty-two week low of $0.62 and a fifty-two week high of $10.50.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Beeline

A number of institutional investors have recently bought and sold shares of the stock. Corsair Capital Management L.P. bought a new position in Beeline in the 2nd quarter worth approximately $30,000. Centiva Capital LP purchased a new position in shares of Beeline in the third quarter worth $46,000. Creative Planning bought a new position in shares of Beeline during the second quarter worth $51,000. Relyea Zuckerberg Hanson LLC purchased a new position in Beeline during the third quarter valued at $55,000. Finally, NewEdge Advisors LLC purchased a new position in Beeline during the second quarter valued at $55,000. 0.58% of the stock is owned by 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.