Reed’s (REED) Cut to Sell at Zacks Investment Research

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Reed’s (NYSEAMERICAN:REED) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, 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. “

A number of other analysts have also commented on REED. Lake Street Capital started coverage on shares of Reed’s in a report on Friday, April 26th. They set a “buy” rating and a $6.00 target price for the company. R. F. Lafferty started coverage on shares of Reed’s in a report on Friday, May 10th. They set a “buy” rating and a $5.00 target price for the company. Roth Capital lifted their target price on shares of Reed’s from $4.25 to $5.25 and gave the stock a “buy” rating in a report on Tuesday, February 26th. Finally, Maxim Group reaffirmed a “buy” rating and set a $4.00 target price on shares of Reed’s in a report on Friday, February 15th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $5.06.

REED stock opened at $3.77 on Friday. Reed’s has a fifty-two week low of $1.90 and a fifty-two week high of $4.05.

Reed’s (NYSEAMERICAN:REED) last posted its quarterly earnings data on Tuesday, May 14th. The consumer goods maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The company had revenue of $8.45 million for the quarter, compared to analysts’ expectations of $8.14 million.

In other news, insider Christopher J. Reed sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $2.67, for a total value of $133,500.00. Following the completion of the transaction, the insider now owns 1,965,593 shares of the company’s stock, valued at approximately $5,248,133.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher J. Reed sold 75,088 shares of the business’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $2.96, for a total transaction of $222,260.48. Following the completion of the transaction, the insider now directly owns 1,965,593 shares of the company’s stock, valued at approximately $5,818,155.28. The disclosure for this sale can be found here. Insiders sold a total of 150,088 shares of company stock valued at $422,510 in the last three months.

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. acquired a new position in Reed’s in the 1st quarter worth $52,000. Virtu Financial LLC acquired a new position in Reed’s in the 1st quarter worth $61,000. MYDA Advisors LLC acquired a new position in Reed’s in the 1st quarter worth $72,000. Northern Trust Corp boosted its stake in Reed’s by 30.6% in the 4th quarter. Northern Trust Corp now owns 29,842 shares of the consumer goods maker’s stock worth $61,000 after purchasing an additional 7,000 shares during the period. Finally, Handelsbanken Fonder AB acquired a new position in Reed’s in the 1st quarter worth $87,000.

About Reed’s

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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