Reeds (OTCMKTS:REED) Stock Price Up 1% – Still a Buy?

Shares of Reeds, Inc. (OTCMKTS:REED) traded up 1% during trading on Friday . The company traded as high as $2.14 and last traded at $2.07. 23,139 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 29,786 shares. The stock had previously closed at $2.05.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners upgraded Reeds to a “strong-buy” rating in a research report on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Strong Buy” and an average price target of $10.50.

Reeds Price Performance

The firm has a market cap of $18.52 million, a P/E ratio of -0.28 and a beta of 0.72. The stock’s 50 day moving average is $2.35 and its two-hundred day moving average is $4.88.

Institutional Trading of Reeds

A hedge fund recently bought a new stake in Reeds stock. Armistice Capital LLC purchased a new stake in Reeds, Inc. (OTCMKTS:REED) during the fourth quarter, according to its most recent filing with the Securities & 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 at the end of the most recent reporting period. Institutional investors own 51.48% of the company’s stock.

About Reeds

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.