Reed’s (NYSE:REED) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 404,817 shares, a decline of 5.8% from the September 15th total of 429,929 shares. Based on an average trading volume of 105,508 shares, the days-to-cover ratio is currently 3.8 days. Approximately 4.2% of the shares of the stock are sold short.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Reed’s from a “sell” rating to a “hold” rating in a research report on Wednesday. Wunderlich restated a “buy” rating and set a $8.00 price target (down from $10.00) on shares of Reed’s in a research report on Friday, August 5th.
An institutional investor recently raised its position in Reed’s stock. Vanguard Group Inc. boosted its stake in Reed’s (NYSE:REED) by 5.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 216,739 shares of the company’s stock after buying an additional 11,800 shares during the period. Vanguard Group Inc. owned 1.56% of Reed’s worth $535,000 at the end of the most recent quarter.
Reed’s (NYSE:REED) opened at 4.24 on Friday. The company’s 50-day moving average is $3.63 and its 200-day moving average is $3.45. The firm’s market capitalization is $58.97 million. Reed’s has a 52-week low of $2.25 and a 52-week high of $6.91.
Reed’s (NYSE:REED) last released its earnings results on Thursday, October 13th. The company reported ($0.02) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.02. The firm earned $12.30 million during the quarter. Equities analysts predict that Reed’s will post ($0.17) earnings per share for the current year.
Reed’s Company Profile
Reed’s, Inc develops, manufactures, markets and sells natural non-alcoholic carbonated soft drinks, Kombucha, candies and ice creams. The Company manufactures, licenses, markets and sells several product lines, such as Reed’s Ginger Brews; Virgil’s Root Beer, Cream Sodas, Dr. Better and Real Cola, including ZERO diet sodas; Culture Club Kombucha; China Colas; Reed’s Ginger candy and ice creams, and Sonoma Sparkler and other juice based products.
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