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Wednesday, May 25, 2022

Eastside Distilling, Inc. (EAST) stock surged in the Current Market; here is why?

Eastside Distilling Inc. (EAST) stock gained in the current market after announcing the date for the release of Q1 2022 results. EAST stock values at around $1.26, gaining more than 12.50% from the previous close. EAST stock closed at $1.12 at the end of the last trading session with a trading volume of 157.36K shares.


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Global Alcohol Beverage/Drinks Industry

The global alcohol/drinks industry is affected by many variables such as consumer behavior, per capita income, rising young generation, and increased branding of the spirits. The current market base of the alcohol demands more quality than quantity which has increased the challenges for the brands. The increasing inflation has also affected the industry to some extent.

The demand for alcohol-based beverages has increased so far. For instance, in North America, people prefer to use beer and wine on social occasions, thus increasing their demand. That is why; beer has a significant market share in the industry. Less malt means less tax, which means cheaper pricing. Alcoholic drinks are sold at liquor shops, grocery shops, hypermarkets/supermarkets, online, and other distribution channels.

The Global Alcohol Beverage/Drinks Industry was worth around $470 Billion in 2020. Industry experts have estimated that the industry’s value would reach around $695 Billion by 2026, with a compound annual growth rate of 6.9%.

EAST: Q1 2022 Results

Eastside Distilling, Inc. (EAST) announced in a press release on April 7, 2021, that it will release its financial results on Monday, May 16, 2022. The result will be announced on the described date when the market closes on that day.

The management will announce its results for the first quarter of 2022 in a hostel conference call. The timings of the call will be May 16, 2022, at 5:00 pm Eastern Time.

Conclusion

Eastside Distilling, Inc. (EAST) stock is a player in the alcohol industry. The company’s revenue has declined in fiscal 2021. Investors should be optimistic about the Q1 results as fiscal 2021 had many supply chain issues.

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