Reed’s, Inc. (NASDAQ:REED) Sees Significant Drop in Short Interest

Reed’s, Inc. (NASDAQ:REED) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 98,400 shares, a decrease of 54.8% from the December 15th total of 217,500 shares. Based on an average daily volume of 653,300 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.2% of the company’s stock are short sold.

Several large investors have recently modified their holdings of the company. Union Square Park Capital Management LLC increased its position in shares of Reed’s by 3.4% during the third quarter. Union Square Park Capital Management LLC now owns 7,297,831 shares of the company’s stock worth $4,379,000 after acquiring an additional 242,265 shares during the period. Vanguard Group Inc. boosted its stake in Reed’s by 65.7% in the second quarter. Vanguard Group Inc. now owns 3,808,471 shares of the company’s stock valued at $3,884,000 after acquiring an additional 1,509,573 shares in the last quarter. Bard Associates Inc. lifted its stake in shares of Reed’s by 1.3% during the second quarter. Bard Associates Inc. now owns 2,947,750 shares of the company’s stock worth $3,007,000 after buying an additional 36,450 shares during the period. Geode Capital Management LLC lifted its stake in shares of Reed’s by 24.6% during the second quarter. Geode Capital Management LLC now owns 674,211 shares of the company’s stock worth $687,000 after buying an additional 133,288 shares during the period. Finally, BlackRock Inc. lifted its stake in shares of Reed’s by 3.3% during the third quarter. BlackRock Inc. now owns 492,356 shares of the company’s stock worth $296,000 after buying an additional 15,741 shares during the period. 31.41% of the stock is currently owned by institutional investors and hedge funds.

Separately, Zacks Investment Research raised Reed’s from a “sell” rating to a “hold” rating in a research report on Wednesday.

Shares of REED opened at $0.35 on Friday. The firm has a market cap of $33.20 million, a PE ratio of -2.08 and a beta of 1.32. Reed’s has a 1-year low of $0.34 and a 1-year high of $1.68. The firm has a fifty day simple moving average of $0.42 and a two-hundred day simple moving average of $0.62.

Reed’s (NASDAQ:REED) last issued its quarterly earnings results on Tuesday, November 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.01). Reed’s had a negative return on equity of 161.92% and a negative net margin of 31.14%. The business had revenue of $13.40 million during the quarter, compared to analysts’ expectations of $12.32 million. During the same quarter in the previous year, the company posted ($0.04) EPS. Research analysts expect that Reed’s will post -0.16 earnings per share for the current fiscal year.

Reed’s Company Profile

Reed’s, Inc engages in the provision of carbonated and non-carbonated beverages. Its product lines include Reed’s Ginger Brews, Virgil’s Root Beer, and Flying Caldron Butterscotch Beer. The company was founded by Christopher J. Reed in June 1987 and is headquartered in Norwalk, CT.

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