MGPI - MGP Ingredients drops 3% after new short report from Spruce Point
- MGP Ingredients ( NASDAQ: MGPI ) fell 3.6% after a new short report from Spruce Point, which sees the potential for 55% downside to the shares for the producer and distributor of distilled and branded spirits.
- Spruce Point argues that MGPI's 2021 merger with Luxco isn't meeting the planned benefits associated with the transaction, according to a statement.
- This isn't the first time Spruce Point has targeted MGP Ingredients ( MGPI ). Spruce Point released its original short report on the stock in January 2017.
- MGP Ingredients ( MGPI ) didn't immediately respond to Seeking Alpha email request for comment.
- MGPI short interest is 13%.
- In August MGP Ingredients ( MGPI ) attracted a bull rating from Wells Fargo with secular tailwinds in place.
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MGP Ingredients drops 3% after new short report from Spruce Point