Shares of Reed’s, Inc. (NYSEMKT:REED) have spiked considerably within a matter of minutes this afternoon before shares were halted as the company’s CEO reported that they are now in talks with 3 major chains about their soda brand. The stock jumped from $5.34 at around 1 p.m. ET to $6.66 by 1:24 p.m. The stock was halted at around 1:12 p.m. following an initial spike to $5.91 before continuing its climb once the halt was lifted. Any major contract with a large chain could have huge implications on the company, which currently has a market cap of just $84.86 million.
The stock is currently trading higher by 20.86% or $1.11 following the positive news, hitting $6.43 per share at the time of us publishing this article. About 52,830 shares traded hands or up 28.18% from the average. REED has declined 9.68% since May 12, 2015 and is currently downtrending. It has underperformed the S&P500 by 6.00%.
Reed’s, Inc. develops, manufactures, markets and sells natural non-alcoholic carbonated soft drinks, Kombucha, candies and ice creams. The company has a market cap of $84.86 million. The Firm makes, markets and sells seven product lines, which include Reed’s Ginger Brews; Virgil’s Root Beer, Cream Sodas, Dr. It currently has negative earnings. Better and Real Cola, including ZERO diet sodas; Culture Club Kombucha; China Colas; Reed’s Ginger Chews; Reed’s Ginger Ice Creams, and Sonoma Sparkler Sparkling Juices.