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

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

Reeds Stock Down 5.3%

The stock’s 50-day moving average is $1.82 and its 200-day moving average is $2.54. The firm has a market cap of $12.81 million, a P/E ratio of -0.15 and a beta of 0.22.

Hedge Funds Weigh In On Reeds

An institutional investor recently bought a new stake in Reeds stock. Jane Street Group LLC bought a new stake in Reeds, Inc. (OTCMKTS:REED) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,129 shares of the company’s stock, valued at approximately $32,000. Jane Street Group LLC owned 0.17% of Reeds as of its most recent SEC filing. 51.48% of the stock is currently owned by institutional investors and hedge funds.

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.