IMHO... In itself neither good nor bad. But it seems like most companies who do reverse splits do so after their share price drops below the listing requirements of the exchange they're listed on which has been precipitated by erosion in the fundamentals. However, if a stock is OTC or on the pinks where there are less stringent listing requirments, they could reverse split in order to meet the share price requirements of being listed on an exchange like NASDAQ. But there are also market capitalization levels and other metrics that must be met. Here is a detailed look at the NASDAQ listing requirements. https://listingcenter.nasdaq.com/assets/initialguide.pdf
Here's a study on reverse splits that shows that most of the time they are not done in good times. http://econpapers.repec.org/article/blafinmgt/v_3a37_3ay_3a2008_3ai_3a2_3ap_3a173-192.htm
James, typically a R/S done to stay on an exchange is bad, resulting in at least a 30% drop in price, and a r/s to list on an exchange like NYSE is viewed as good and will result in a 30% increase in price. The one issue with the latter that I have seen, but not read any documentation on is that if a R/S is done to uplist and no catalyst is immediately available in the near term, the price will usually drift back down.