Even if you love a good belt of whiskey, that doesn't mean you should buy stock of spirts maker MGP Ingredients (MGPI - Get Report) , according to one activist short-seller. Ben Axler, the chief investment officer of Spruce Point Capital, has put a strong sell rating on the company, and says there's a bubble in the whiskey business. For investors in MGP, that could create a three-alarm hangover, especially if the stock falls 60 to 70%, which is what Axler is projecting.

Axler notes MGP's shares have appreciated 1000% since 2014, as the company benefited from a "temporary, yet unsustainable increase in earnings" from its joint venture with Seacor (CKH - Get Report) . MGP operates an ingredients business as well as its alcohol distillery.