Reservoir Media (NASDAQ:RSVR) Shares Gap Up – Time to Buy?

Reservoir Media, Inc. (NASDAQ:RSVR)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $7.98, but opened at $8.18. Reservoir Media shares last traded at $8.13, with a volume of 13,484 shares changing hands.

Reservoir Media Stock Up 3.9 %

The stock’s 50 day simple moving average is $7.58 and its 200 day simple moving average is $7.80. The stock has a market capitalization of $558.66 million, a P/E ratio of -858.14, a P/E/G ratio of 9.19 and a beta of 0.90. The company has a current ratio of 1.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91.

Reservoir Media (NASDAQ:RSVR) last issued its earnings results on Wednesday, July 31st. The company reported ($0.01) earnings per share for the quarter. The business had revenue of $34.32 million for the quarter, compared to analyst estimates of $34.42 million. Reservoir Media had a return on equity of 0.96% and a net margin of 0.01%. As a group, research analysts predict that Reservoir Media, Inc. will post 0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RSVR. Boston Partners boosted its holdings in shares of Reservoir Media by 10.7% during the first quarter. Boston Partners now owns 59,067 shares of the company’s stock valued at $468,000 after acquiring an additional 5,707 shares during the period. Inspire Investing LLC lifted its holdings in shares of Reservoir Media by 13.7% during the third quarter. Inspire Investing LLC now owns 52,858 shares of the company’s stock valued at $429,000 after purchasing an additional 6,375 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Reservoir Media in the 2nd quarter valued at approximately $81,000. GSA Capital Partners LLP lifted its holdings in shares of Reservoir Media by 31.1% in the first quarter. GSA Capital Partners LLP now owns 54,746 shares of the company’s stock valued at $434,000 after purchasing an additional 12,989 shares in the last quarter. Finally, AWM Investment Company Inc. boosted its position in Reservoir Media by 2.1% during the 1st quarter. AWM Investment Company Inc. now owns 716,662 shares of the company’s stock worth $5,683,000 after acquiring an additional 15,000 shares during the period. Institutional investors and hedge funds own 44.38% of the company’s stock.

About Reservoir Media

Reservoir Media, Inc operates as a music publishing company. It operates through two segments, Music Publishing and Recorded Music. The Music Publishing segment acquires interests in music catalogs, as well as signs songwriters. The Recorded Music segment engages in the acquisition of sound recording catalogs; discovery and development of recording artists; and marketing, distribution, sale, and licensing of the music catalogs.