Reed's Inc. saw short interest plunge 58% over the past month to just 0.24% of float, while cost to borrow remains elevated at 21% and utilization has fallen to near-record lows. The beverage maker closed Friday at $3.94, down 11% over the past month.
Reed's closed at $3.94 on April 24, up 5.1% on the day. The stock has shed 10.7% over the past month and slipped 0.5% over the past week. Trading volume has been light as the company operates without a published market cap.
Short interest stands at 21,600 shares, representing just 0.24% of the free float as of April 23. The metric has fallen sharply — down 23% over the past week and 58% over the past month. The decline marks a dramatic unwind from early March, when short interest peaked above 101,000 shares on March 24. By late April the figure sits at levels last seen in mid-March before a brief spike.
Cost to borrow ticked up to 21% on April 23, a 17% jump over the past week. CTB has been volatile, swinging between 18% and 28% over the past 30 days. The current level sits below the 28% peak from late March but well above the 8% floor from mid-March.
Utilization collapsed to 1.97% on April 23. The reading is down from over 9% just one week ago and sits far below the 52-week high of 86.64%. Utilization has trended lower throughout April after hovering near 10% in late March.
The consensus rating is buy, supported by one analyst with a $4.75 price target. No recent rating changes or target adjustments have been published. The data is four months old, last updated in late December 2025.
Enterprise value sits at $51.1 million as of the end of 2026. No valuation multiples or change data are available.
Factor scores show pockets of strength. The EPS surprise rank is 94th percentile, indicating recent beats. The sector score lands at the 83rd percentile. Analyst recommendation differential ranks in the 51st percentile. Short score rank is 44th percentile, with days to cover and utilization ranks both below median at 58th and 59th percentiles respectively. Dividend score is low at the 23rd percentile.
Armistice Capital established a new 620,000-share position in the fourth quarter of 2025, representing 5.2% of shares outstanding. Jane Street added 15,129 shares in Q4. Warberg Asset Management initiated an 10,705-share stake. UBS Asset Management and Merrill Lynch also opened small positions in the quarter.
Shufen Deng remains the dominant holder with 4.7 million shares, or 39.8% of the company. The position saw a negligible three-share reduction in early December. Multiple Hong Kong-based entities each hold 367,647 shares, or 3.1%, with no recent changes.
The 90-day net insider activity is strongly positive, with 1.08 million shares purchased for $1.0 million. The entire figure comes from a single June 2024 transaction by a majority shareholder who acquired 1.08 million shares at $0.93. The insider data is 325 days old, last updated in early June 2024.
Prior trades from late 2024 show Union Square Park Capital Management trimming 4,537 shares at $1.11 and 5,988 shares at $1.13 in mid-November. In September 2024, Union Square Park bought 531,205 shares at $1.50 for $797,000, while director Shufen Deng purchased 3.27 million shares at the same price for $4.9 million.
Reed's is scheduled to report earnings on May 14, 2026 at 8:00 PM UTC. The print will be the company's next major catalyst.
The sharp decline in short interest and utilization suggests sellers have exited or covered. With CTB still elevated near 21%, borrowing costs remain a headwind for any renewed short thesis. Watch for volume and volatility around the May earnings date.
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