Reeds (OTCMKTS:REED) Stock Price Down 10.4% – What’s Next?

Shares of Reeds, Inc. (OTCMKTS:REED) traded down 10.4% on Wednesday . The stock traded as low as $1.17 and last traded at $1.20. 22,884 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 33,140 shares. The stock had previously closed at $1.34.

Reeds Trading Down 10.4%

The firm has a market capitalization of $14.23 million, a price-to-earnings ratio of -0.16 and a beta of 0.22. The company has a fifty day moving average price of $1.87 and a 200-day moving average price of $2.55.

Institutional Investors Weigh In On Reeds

A hedge fund recently bought a new stake in Reeds stock. Armistice Capital LLC bought a new position in Reeds, Inc. (OTCMKTS:REED) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 620,000 shares of the company’s stock, valued at approximately $1,302,000. Armistice Capital LLC owned about 6.93% of Reeds as of its most recent filing with the Securities and Exchange Commission. 51.48% of the stock is owned by institutional investors and hedge funds.

Reeds Company Profile

Reed’s, Inc is a U.S.-based beverage company specializing in the development, production and distribution of craft soft drinks, mixers and functional beverages that feature real ginger and other natural ingredients. The company’s flagship Reed’s Ginger Brew line includes Original, Extra and Stronger formulations, each brewed using fresh ginger root to deliver a balance of spicy flavor and perceived health benefits. Reed’s also markets a portfolio of craft sodas under the Virgil’s brand, offering varieties such as Root Beer, Craft Cola and Vanilla Cream Soda without artificial sweeteners or preservatives.

Founded in 1989 by Christopher J.