Reeds (OTCMKTS:REED) Shares Up 0.2% - Here's What Happened

Key Points

• Reeds shares traded up 0.2% to $4.35 on Wednesday with only 13,998 shares changing hands, a 59% decline from the average session volume.
• Analyst sentiment is bullish after Alliance Global Partners upgraded the stock to a "Strong Buy", and MarketBeat shows a consensus rating of Strong Buy (one Strong Buy, one Buy).
• Hedge fund Armistice Capital LLC purchased 620,000 shares in the fourth quarter (about 6.93% ownership), and institutional investors now hold roughly 51.48% of the company.

Reeds, Inc. (OTCMKTS:REED - Get Free Report) shot up 0.2% on Wednesday . The company traded as high as $4.35 and last traded at $4.35. 13,998 shares were traded during mid-day trading, a decline of 59% from the average session volume of 34,494 shares. The stock had previously closed at $4.34.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners raised Reeds to a "strong-buy" rating in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Strong Buy".

Reeds Price Performance

The company's 50 day simple moving average is $3.16 and its 200 day simple moving average is $4.15. The firm has a market cap of $51.42 million, a price-to-earnings ratio of -0.59 and a beta of 0.30.

Institutional Investors Weigh In On Reeds

A hedge fund recently bought a new stake in Reeds stock. Armistice Capital LLC purchased a new position in shares of Reeds, Inc. (OTCMKTS:REED - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and 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 and hedge funds 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.

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