Eastside Distilling (NASDAQ:EAST) Shares Up 7.9%

Eastside Distilling, Inc. (NASDAQ:EAST)’s share price shot up 7.9% during mid-day trading on Monday . The stock traded as high as $1.94 and last traded at $1.77. 1,193,076 shares traded hands during trading, an increase of 414% from the average session volume of 232,063 shares. The stock had previously closed at $1.64.

Separately, Zacks Investment Research raised shares of Eastside Distilling from a “sell” rating to a “hold” rating in a research report on Tuesday, January 19th.

The firm has a market capitalization of $17.96 million, a PE ratio of -1.16 and a beta of 1.70. The company’s 50-day moving average price is $1.39 and its 200-day moving average price is $1.35.

Eastside Distilling (NASDAQ:EAST) last announced its quarterly earnings results on Thursday, November 12th. The company reported ($0.17) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.03. Eastside Distilling had a negative net margin of 88.25% and a negative return on equity of 393.40%. The firm had revenue of $4.50 million for the quarter, compared to analyst estimates of $4.04 million. Research analysts expect that Eastside Distilling, Inc. will post -0.89 EPS for the current year.

An institutional investor recently raised its position in Eastside Distilling stock. Penbrook Management LLC increased its stake in shares of Eastside Distilling, Inc. (NASDAQ:EAST) by 7.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,050 shares of the company’s stock after acquiring an additional 12,030 shares during the quarter. Penbrook Management LLC owned about 1.67% of Eastside Distilling worth $192,000 at the end of the most recent quarter. 16.75% of the stock is currently owned by hedge funds and other institutional investors.

About Eastside Distilling (NASDAQ:EAST)

Eastside Distilling, Inc manufactures, acquires, blends, bottles, imports, exports, markets, and sells various alcoholic beverages. It provides gin under the brands of Big Bottom The Ninety One Gin, Big Bottom Navy Strength, Big Bottom Barrel Finished Gin, and Big Bottom London Dry Gin; rum under the brand name of Hue-Hue Coffee Rum; tequila under the Azuñia Blanco Organic Tequila, Azuñia Reposado Organic Tequila, Azuñia Añejo Tequila, and Azuñia Black brands; and vodka under the Portland Potato Vodka, Portland Potato Vodka Â- Marionberry, and Portland Potato Vodka Â- Habanero brand names.

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