Eastside Distilling Inc Down 26.50% To $2.21 After Earnings Miss

Eastside Distilling Inc (EAST) said after close Monday that it lost $1.96 per share in quarter two 2023.

On the revenue line, the company reported $2.8 million, missing estimates by $3.5 million.

In the same quarter a year ago, the company lost $2.4 per share on revenue of $5.1 million.

The stock is down 26.50% to $2.21 after the report.

Eastside Distilling Inc's revenues declined at a faster pace than earnings.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Eastside Distilling Inc has performed a little below average during the past few months. Before the report, Eastside Distilling Inc received a Long-Term Technical Rank by InvestorsObserver of 34, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $2.8 on July 14, 2023 and set a 52-week high on August 22, 2022 at $14.

Eastside Distilling Inc is a producer and marketer of craft spirits. Its alcoholic beverage categories include whiskey, vodka, gin, rum, tequila, and Ready-to-Drink. Some of its brands include Azunia Tequila, Hue-Hue Coffee Rum, Portland Potato Vodka, and Burnside Whiskey. It operates in a single segment of packaging, producing, marketing, and distributing alcoholic beverages. The company distributes its products in more than 45 states of the United States.