Reed's, Inc. (REED) Sees Large Growth in Short Interest
Reed's, Inc. (NYSE:REED) was the target of a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 426,194 shares, an increase of 24.0% from the April 28th total of 343,807 shares. Based on an average trading volume of 52,685 shares, the days-to-cover ratio is currently 8.1 days. Currently, 4.6% of the shares of the stock are sold short.
A hedge fund recently bought a new stake in Reed's stock. FMR LLC purchased a new stake in Reed's, Inc. (NYSE:REED) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 200,572 shares of the consumer goods maker’s stock, valued at approximately $822,000. FMR LLC owned approximately 1.44% of Reed's at the end of the most recent quarter.
A number of research analysts recently commented on the company. Zacks Investment Research cut Reed's from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 27th. Maxim Group reduced their target price on Reed's from $7.00 to $5.50 and set a “buy” rating on the stock in a research note on Tuesday, April 25th.
Reed's (NYSE:REED) traded up 1.4581% on Wednesday, reaching $3.1452. The company had a trading volume of 14,258 shares. The stock’s 50 day moving average price is $3.69 and its 200-day moving average price is $3.96. Reed's has a 12-month low of $2.25 and a 12-month high of $4.75. The stock’s market capitalization is $43.98 million.
Reed's (NYSE:REED) last announced its quarterly earnings results on Monday, May 15th. The consumer goods maker reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by $0.03. The business had revenue of $8.30 million for the quarter, compared to analyst estimates of $8.30 million. Equities analysts expect that Reed's will post ($0.26) earnings per share for the current fiscal year.
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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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