Reeds (OTCMKTS:REED) Shares Down 10.4% – Here’s Why

Reeds, Inc. (OTCMKTS:REED) fell 10.4% during mid-day trading on Wednesday . The stock traded as low as $1.17 and last traded at $1.20. Approximately 22,884 shares traded hands during trading, a decline of 31% from the average session volume of 33,140 shares. The stock had previously closed at $1.34.

Reeds Trading Down 10.4%

The firm has a 50-day moving average of $1.87 and a two-hundred day moving average of $2.55. The firm has a market cap of $14.23 million, a price-to-earnings ratio of -0.16 and a beta of 0.22.

Hedge Funds Weigh In On Reeds

An institutional investor recently bought a new stake in Reeds stock. Armistice Capital LLC purchased a new stake in Reeds, Inc. (OTCMKTS:REED) in the fourth quarter, according to its most recent Form 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 own 51.48% of the company’s stock.

Reeds Company Profile

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.