Reed’s (NASDAQ:REED) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Reed’s (NASDAQ:REED) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Reed’s, Inc. develops, manufactures, and markets top selling sodas in natural foods markets and will is currently expanding its innovative, all natural, non-alcoholic beverages, candies and ice creams into the mainstream markets. Its non-alcoholic Ginger Brews are unique in the beverage industry being brewed from fresh ginger, spices and fruits. Award-winning gourmet product lines include: Reed’s Ginger Brews, Reed’s Ginger Juice Brews, Reed’s Ginger Candies and Reed’s Ginger Ice Creams. Additionally, the Company has acquired Virgil’s Root Beer and China Cola product lines. Reed’s products are sold through specialty gourmet and natural food stores, supermarket chains, retail stores and restaurants nationwide and in Canada. “

REED opened at $0.35 on Wednesday. The company’s 50 day moving average is $0.42 and its 200 day moving average is $0.62. Reed’s has a 12-month low of $0.34 and a 12-month high of $1.68.

Reed’s (NASDAQ:REED) last posted its quarterly earnings data on Tuesday, November 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business posted ($0.04) EPS. On average, equities research analysts predict that Reed’s will post -0.16 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REED. Vanguard Group Inc. raised its stake in Reed’s by 65.7% during the 2nd quarter. Vanguard Group Inc. now owns 3,808,471 shares of the company’s stock worth $3,884,000 after acquiring an additional 1,509,573 shares during the period. Union Square Park Capital Management LLC raised its stake in Reed’s by 5.7% during the 2nd quarter. Union Square Park Capital Management LLC now owns 7,055,566 shares of the company’s stock worth $7,197,000 after acquiring an additional 377,418 shares during the period. State Street Corp raised its stake in Reed’s by 1,696.5% during the 2nd quarter. State Street Corp now owns 224,560 shares of the company’s stock worth $229,000 after acquiring an additional 212,060 shares during the period. Geode Capital Management LLC raised its stake in Reed’s by 24.6% during the 2nd quarter. Geode Capital Management LLC now owns 674,211 shares of the company’s stock worth $687,000 after acquiring an additional 133,288 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Reed’s by 21,289.6% during the 2nd quarter. Wells Fargo & Company MN now owns 100,531 shares of the company’s stock worth $103,000 after acquiring an additional 100,061 shares during the period. Institutional investors own 31.41% of the company’s stock.

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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