Reed’s, Inc. (NYSEAMERICAN:REED)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $0.73, but opened at $0.64. Reed’s shares last traded at $0.70, with a volume of 5,862 shares changing hands.
Separately, Zacks Investment Research upgraded Reed’s from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Reed’s has an average rating of “Buy” and an average target price of $5.06.
Reed’s (NYSEAMERICAN:REED) last released its quarterly earnings data on Tuesday, August 13th. The consumer goods maker reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). The company had revenue of $9.48 million during the quarter, compared to analyst estimates of $10.32 million.
A number of institutional investors have recently made changes to their positions in the business. Handelsinvest Investeringsforvaltning raised its stake in Reed’s by 2,775.0% during the 3rd quarter. Handelsinvest Investeringsforvaltning now owns 575,000 shares of the consumer goods maker’s stock valued at $748,000 after acquiring an additional 555,000 shares in the last quarter. River & Mercantile Asset Management LLP bought a new stake in Reed’s during the 2nd quarter valued at $1,182,000. Vanguard Group Inc. raised its stake in Reed’s by 27.8% during the 2nd quarter. Vanguard Group Inc. now owns 931,589 shares of the consumer goods maker’s stock valued at $3,522,000 after acquiring an additional 202,807 shares in the last quarter. BlackRock Inc. raised its stake in Reed’s by 696.3% during the 2nd quarter. BlackRock Inc. now owns 330,893 shares of the consumer goods maker’s stock valued at $1,251,000 after acquiring an additional 289,337 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Reed’s by 2,677,900.0% during the 2nd quarter. Wells Fargo & Company MN now owns 26,780 shares of the consumer goods maker’s stock valued at $101,000 after acquiring an additional 26,779 shares in the last quarter.
Reed’s Company Profile (NYSEAMERICAN:REED)
Reed's, Inc develops, manufactures, markets, and sells natural hand-crafted beverages and candies in the United States, Canada, Asia, Europe, Australia, and South America. Its products include Reed's ginger beers; Virgil's root beer and cream sodas; Flying Cauldron Butterscotch Beer; and Sonoma Sparkler branded sparkling juices.
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