Reeds (OTCMKTS:REED) Stock Price Up 4.8% – Here’s What Happened

Reeds, Inc. (OTCMKTS:REED)’s stock price traded up 4.8% during mid-day trading on Wednesday . The company traded as high as $0.92 and last traded at $0.9114. Approximately 51,196 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 41,996 shares. The stock had previously closed at $0.87.

Reeds Stock Up 4.8%

The company has a 50 day simple moving average of $1.02 and a 200-day simple moving average of $2.17. The stock has a market capitalization of $10.81 million, a price-to-earnings ratio of -0.12 and a beta of 0.26.

Hedge Funds Weigh In On Reeds

A hedge fund recently bought a new stake in Reeds stock. Armistice Capital LLC acquired a new position in shares of 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. The institutional investor acquired 620,000 shares of the company’s stock, valued at approximately $1,302,000. Armistice Capital LLC owned approximately 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.

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.