Reed’s, Inc. (NYSEAMERICAN:REED) saw a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 536,527 shares, a decrease of 3.0% from the January 15th total of 553,033 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average trading volume of 23,419 shares, the short-interest ratio is presently 22.9 days.
In other news, insider Christopher J. Reed sold 350,000 shares of the firm’s stock in a transaction on Monday, December 31st. The stock was sold at an average price of $2.00, for a total transaction of $700,000.00. Following the completion of the transaction, the insider now directly owns 1,982,600 shares in the company, valued at $3,965,200. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John Bello purchased 50,000 shares of the stock in a transaction dated Wednesday, January 2nd. The shares were purchased at an average price of $2.00 per share, with a total value of $100,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 86,461 shares of company stock valued at $187,550 and sold 705,000 shares valued at $1,412,200.
A number of large investors have recently added to or reduced their stakes in REED. Northern Trust Corp boosted its holdings in Reed’s by 30.6% in the fourth quarter. Northern Trust Corp now owns 29,842 shares of the consumer goods maker’s stock valued at $61,000 after purchasing an additional 7,000 shares during the period. Renaissance Technologies LLC boosted its holdings in Reed’s by 38.1% in the second quarter. Renaissance Technologies LLC now owns 139,900 shares of the consumer goods maker’s stock valued at $399,000 after purchasing an additional 38,600 shares during the period. Vanguard Group Inc. boosted its holdings in Reed’s by 24.8% in the third quarter. Vanguard Group Inc. now owns 459,542 shares of the consumer goods maker’s stock valued at $1,494,000 after purchasing an additional 91,178 shares during the period. Finally, Vanguard Group Inc boosted its holdings in Reed’s by 24.8% in the third quarter. Vanguard Group Inc now owns 459,542 shares of the consumer goods maker’s stock valued at $1,494,000 after purchasing an additional 91,178 shares during the period.
Separately, Zacks Investment Research upgraded Reed’s from a “sell” rating to a “hold” rating in a research report on Wednesday, January 16th.
NYSEAMERICAN:REED opened at $2.69 on Thursday. Reed’s has a 12-month low of $1.45 and a 12-month high of $3.95.
Reed’s (NYSEAMERICAN:REED) last released its earnings results on Tuesday, November 13th. The consumer goods maker reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). The company had revenue of $10.80 million during the quarter, compared to analysts’ expectations of $9.83 million.
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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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