Reed’s, Inc. (NASDAQ:REED – Get Rating) was the target of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 129,100 shares, a drop of 37.1% from the April 30th total of 205,100 shares. Based on an average daily volume of 1,010,000 shares, the short-interest ratio is currently 0.1 days.
A number of large investors have recently added to or reduced their stakes in the business. Union Square Park Capital Management LLC grew its position in Reed’s by 3.4% during the 3rd quarter. Union Square Park Capital Management LLC now owns 7,297,831 shares of the company’s stock worth $4,379,000 after purchasing an additional 242,265 shares during the last quarter. Empery Asset Management LP purchased a new stake in Reed’s during the 1st quarter worth approximately $421,000. Northern Trust Corp grew its position in Reed’s by 60.3% during the 1st quarter. Northern Trust Corp now owns 851,068 shares of the company’s stock worth $255,000 after purchasing an additional 320,000 shares during the last quarter. BlackRock Inc. grew its position in Reed’s by 3.3% during the 3rd quarter. BlackRock Inc. now owns 492,356 shares of the company’s stock worth $296,000 after purchasing an additional 15,741 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Reed’s during the 4th quarter worth approximately $100,000. 36.00% of the stock is currently owned by institutional investors.
A number of research firms have commented on REED. Maxim Group cut their target price on shares of Reed’s to $0.75 and set a “na” rating on the stock in a research report on Tuesday, May 17th. Zacks Investment Research downgraded shares of Reed’s from a “hold” rating to a “sell” rating in a research report on Tuesday.
Reed’s (NASDAQ:REED – Get Rating) last issued its quarterly earnings data on Monday, May 16th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). Reed’s had a negative return on equity of 239.47% and a negative net margin of 34.00%. During the same quarter in the previous year, the company posted ($0.05) earnings per share. As a group, equities research analysts expect that Reed’s will post -0.11 earnings per share for the current fiscal year.
About Reed’s (Get Rating)
Reed's, Inc engages in the manufacture and distribution of natural hand-crafted beverages in the craft specialty foods industry in the United States, Canada, Asia, Europe, Australia, and South America. It offers Reed's craft ginger beers; Reed's real ginger ales; Reed's ready to drink products; Virgil's handcrafted sodas; ginger candy; and other ginger beverages under the Reed's brand.
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