Short Interest in Reeds, Inc. (OTCMKTS:REED) Drops By 26.4%

Reeds, Inc. (OTCMKTS:REED) was the recipient of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 8,100 shares, a drop of 26.4% from the May 15th total of 11,000 shares. Based on an average trading volume of 6,200 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.8% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms have issued reports on REED. Roth Capital restated a “buy” rating on shares of Reeds in a research report on Wednesday, April 23rd. Wall Street Zen began coverage on shares of Reeds in a research report on Monday, May 19th. They issued a “sell” rating on the stock.

Reeds Stock Down 12.1%

Shares of REED stock opened at $0.87 on Thursday. Reeds has a 12-month low of $0.51 and a 12-month high of $1.93. The company has a market capitalization of $39.47 million, a P/E ratio of -0.47 and a beta of 0.25. The firm has a 50-day moving average price of $1.36 and a 200 day moving average price of $1.18.

Reeds (OTCMKTS:REED) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.01). The company had revenue of $10.03 million for the quarter, compared to analysts’ expectations of $9.85 million. As a group, research analysts expect that Reeds will post -1.22 earnings per share for the current year.

Reeds Company Profile

Reed's, Inc engages in the manufacture and distribution of natural beverages in the United States. The company offers Reed's craft ginger beer; Reed's real ginger ales; Reed's Classic Mules; Reed's Hard Ginger Ale; Reed's ready to drink products; and Virgil's handcrafted sodas.