Reeds (OTCMKTS:REED) Trading 7.8% Higher – Here’s What Happened
by Tristan Rich · The Markets DailyReeds, Inc. (OTCMKTS:REED – Get Free Report) was up 7.8% during trading on Monday . The company traded as high as $4.43 and last traded at $4.42. Approximately 97,174 shares traded hands during mid-day trading, an increase of 206% from the average daily volume of 31,724 shares. The stock had previously closed at $4.10.
Analysts Set New Price Targets
Separately, Alliance Global Partners raised shares of Reeds to a “strong-buy” rating in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $10.50.
View Our Latest Stock Analysis on REED
Reeds Stock Performance
The company has a fifty day simple moving average of $2.49 and a two-hundred day simple moving average of $4.45. The firm has a market capitalization of $42.05 million, a PE ratio of -0.64 and a beta of 0.67.
Institutional Investors Weigh In On Reeds
An institutional investor recently bought a new position in Reeds stock. Armistice Capital LLC purchased a new position in Reeds, Inc. (OTCMKTS:REED – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 620,000 shares of the company’s stock, valued at approximately $1,302,000. Armistice Capital LLC owned 6.93% of Reeds as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 51.48% of the company’s stock.
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.