Reed’s, Inc. (NYSEAMERICAN:REED) insider Christopher J. Reed sold 13,179 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $3.34, for a total transaction of $44,017.86. Following the completion of the transaction, the insider now directly owns 1,506,371 shares in the company, valued at $5,031,279.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Shares of REED traded up $0.02 during mid-day trading on Friday, hitting $3.38. 49,192 shares of the company’s stock were exchanged, compared to its average volume of 158,772. Reed’s, Inc. has a 52 week low of $1.90 and a 52 week high of $4.05.
Reed’s (NYSEAMERICAN:REED) last announced its earnings results on Tuesday, May 14th. The consumer goods maker reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.03). The firm had revenue of $8.45 million for the quarter, compared to the consensus estimate of $8.14 million.
Several research analysts have weighed in on the stock. Lake Street Capital assumed coverage on shares of Reed’s in a report on Friday, April 26th. They issued a “buy” rating and a $6.00 price target on the stock. Zacks Investment Research raised shares of Zurich Insurance Group from a “sell” rating to a “hold” rating in a report on Saturday, May 18th. Finally, R. F. Lafferty started coverage on shares of Reeds in a report on Friday, May 10th. They set a “buy” rating and a $5.00 target price on the stock. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Reed’s presently has a consensus rating of “Buy” and an average target price of $5.06.
Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp boosted its position in shares of Reed’s by 30.6% during the 4th quarter. Northern Trust Corp now owns 29,842 shares of the consumer goods maker’s stock worth $61,000 after acquiring an additional 7,000 shares in the last quarter. First Manhattan Co. acquired a new stake in shares of Reed’s during the 1st quarter worth approximately $98,000. Virtu Financial LLC acquired a new stake in shares of Reed’s during the 1st quarter worth approximately $61,000. Royce & Associates LP acquired a new stake in shares of Reed’s during the 1st quarter worth approximately $479,000. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Reed’s during the 1st quarter worth approximately $87,000.
Reed's, Inc develops, manufactures, markets, and sells natural hand-crafted beverages and candies in the United States, Canada, Asia, Europe, Australia, and South America. Its products include Reed's ginger beers; Virgil's root beer and cream sodas; Flying Cauldron Butterscotch Beer; and Sonoma Sparkler branded sparkling juices.
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