Eastside Distilling Inc (NASDAQ: EAST), a consumer-focused beverage company, has a market cap of $3.11 Million. The revenue, last year, amounted to $13.88 Million, the most of which nearly $8.36 Million came from its highest performing source at the moment, Spirits. The greatest contribution to the revenue figure was made by the United States, as last year it brought the company $13.88 Million.
The EPS for the last quarter fell by $0.10, whereas the estimation was negative $2.40, which accounts for 95.83% surprise. The company revenue for the same period amounts to $2.85 Million despite the estimated figure of $4.41 Million. Moreover, the estimated earnings for the next quarter are negative $1.25, and revenue is expected to reach $6.25 Million.
Eastside Distilling, Inc. have top-3 institutional holders named ARS Investment Partners, LLC, Vanguard Group, Inc. (The), and Geode Capital Management, LLC, as per the data sourced from Yahoo Finance- a U.S.-based business news platform.
The reason for this massive price surge was the announcement the company made on June 13. As per the report of Yahoo Finance, the consumer-focused beverage company announced it has “signed a non-binding term sheet with key first and second lien debt holders that, if completed, will convert a substantial portion of outstanding debt to equity.”
“In the proposed transaction, principal creditors would exchange $6.2 Million of debt for equity at an exchange rate of no less than $4.00 per common share equivalent and no more than $4.80 per common share equivalent,” as the report further mentioned.
EAST Stock Price Analysis
EAST stock price was following a bearish trend in its all-time price performance. But in the past week, the stock showed a massive bull’s dominance which took its price upside. As in the previous week, the stock price gained the attention of bulls in the market, which supported the stock price to surpass its 100-day moving average.
As shown in the above price chart, the stock price performed quite well in the past week. Meanwhile, the massive bull’s dominance took the stock price near to the overbought zone, while reaching nearly at its 200-day moving average. The bull’s dominance in the stock price also showed a positive signal towards the company from investors.
Notably, the last week’s price performance showed almost 15% price gain which opposes the monthly and all-time price performance.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/19/east-stock-price-experienced-massive-bulls-dominance-last-week/