Reed’s (NYSEAMERICAN:REED) released its quarterly earnings results on Tuesday. The consumer goods maker reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02), Morningstar.com reports. The company had revenue of $9.48 million for the quarter, compared to the consensus estimate of $10.32 million.
Shares of REED traded down $0.85 during trading hours on Wednesday, reaching $2.15. The company had a trading volume of 27,813 shares, compared to its average volume of 146,059. Reed’s has a 12-month low of $1.90 and a 12-month high of $4.05.
A number of research firms have recently issued reports on REED. Zacks Investment Research raised shares of Reed’s from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. R. F. Lafferty began coverage on shares of Reed’s in a research note on Friday, May 10th. They issued a “buy” rating and a $5.00 price target on the stock. Finally, Lake Street Capital initiated coverage on shares of Reed’s in a research note on Friday, April 26th. They issued a “buy” rating and a $6.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Reed’s has a consensus rating of “Buy” and a consensus target price of $5.06.
In other Reed’s news, major shareholder Raptor/Harbor Reeds Spv Llc sold 564,020 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $3.40, for a total transaction of $1,917,668.00. Following the sale, the insider now directly owns 2,469,314 shares of the company’s stock, valued at approximately $8,395,667.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James C. Bass purchased 10,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were purchased at an average cost of $3.20 per share, for a total transaction of $32,000.00. Following the completion of the purchase, the director now directly owns 86,669 shares in the company, valued at $277,340.80. The disclosure for this purchase can be found here. Insiders sold a total of 821,220 shares of company stock valued at $2,751,585 in the last quarter.
Several institutional investors have recently added to or reduced their stakes in the business. Northern Trust Corp lifted its holdings 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 during the period. First Manhattan Co. purchased a new position in shares of Reed’s during the 1st quarter worth about $98,000. Virtu Financial LLC purchased a new position in shares of Reed’s during the 1st quarter worth about $61,000. Royce & Associates LP purchased a new position in shares of Reed’s during the 1st quarter worth about $479,000. Finally, Handelsbanken Fonder AB purchased a new position in shares of Reed’s during the 1st quarter worth about $87,000.
Reed’s Company Profile
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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