Reed’s (NASDAQ:REED) Issues Earnings Results, Misses Expectations By $0.01 EPS

Reed’s (NASDAQ:REEDGet Rating) issued its quarterly earnings data on Monday. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01), MarketWatch Earnings reports. Reed’s had a negative return on equity of 216.23% and a negative net margin of 33.07%. During the same period in the previous year, the firm posted ($0.05) EPS. Reed’s updated its FY 2022 guidance to EPS.

Shares of NASDAQ REED opened at $0.21 on Tuesday. The stock’s 50-day simple moving average is $0.26 and its two-hundred day simple moving average is $0.34. Reed’s has a twelve month low of $0.18 and a twelve month high of $1.18.

A number of hedge funds and other institutional investors have recently made changes to their positions in REED. UBS Group AG increased its stake in Reed’s by 178.9% in the 1st quarter. UBS Group AG now owns 102,548 shares of the company’s stock worth $31,000 after acquiring an additional 65,773 shares during the last quarter. Citadel Advisors LLC increased its stake in Reed’s by 171.2% in the 4th quarter. Citadel Advisors LLC now owns 110,650 shares of the company’s stock worth $40,000 after acquiring an additional 69,846 shares during the last quarter. Millennium Management LLC increased its stake in Reed’s by 39.6% in the 4th quarter. Millennium Management LLC now owns 110,346 shares of the company’s stock worth $40,000 after acquiring an additional 31,300 shares during the last quarter. Renaissance Technologies LLC bought a new position in Reed’s in the 4th quarter worth about $100,000. Finally, Wells Fargo & Company MN increased its stake in Reed’s by 21,289.6% in the 2nd quarter. Wells Fargo & Company MN now owns 100,531 shares of the company’s stock worth $103,000 after acquiring an additional 100,061 shares during the last quarter. Institutional investors and hedge funds own 36.00% of the company’s stock.

Separately, Maxim Group began coverage on Reed’s in a report on Friday, April 1st. They set a “buy” rating and a $1.00 price objective on the stock.

Reed’s Company Profile (Get Rating)

Reed's, Inc develops, manufactures, and sells natural hand-crafted beverages in the craft specialty foods industry in the United States, Canada, Asia, Europe, Australia, and South America. Its products include Reed's craft ginger beers; Virgil's craft sodas; Ginger Candy; and Virgil's zero sugar sodas.

See Also

Earnings History for Reed's (NASDAQ:REED)

Receive News & Ratings for Reed's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reed's and related companies with MarketBeat.com's FREE daily email newsletter.