Reservoir Media (NASDAQ:RSVR) Shares Gap Up After Strong Earnings

Reservoir Media, Inc. (NASDAQ:RSVR) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $8.13, but opened at $8.85. Reservoir Media shares last traded at $8.67, with a volume of 4,872 shares.

The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. Reservoir Media had a positive return on equity of 0.85% and a negative net margin of 0.22%.

Analyst Upgrades and Downgrades

Separately, B. Riley increased their price objective on Reservoir Media from $11.50 to $12.50 and gave the stock a “buy” rating in a report on Thursday, October 31st.

Institutional Investors Weigh In On Reservoir Media

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new stake in Reservoir Media in the second quarter worth approximately $81,000. 272 Capital LP acquired a new stake in Reservoir Media in the third quarter worth approximately $122,000. E&G Advisors LP acquired a new stake in shares of Reservoir Media during the 3rd quarter valued at $246,000. Inspire Investing LLC lifted its position in shares of Reservoir Media by 13.7% during the 3rd quarter. Inspire Investing LLC now owns 52,858 shares of the company’s stock valued at $429,000 after acquiring an additional 6,375 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Reservoir Media by 22.5% during the 3rd quarter. Jane Street Group LLC now owns 53,018 shares of the company’s stock valued at $430,000 after acquiring an additional 9,742 shares during the last quarter. 44.38% of the stock is currently owned by institutional investors and hedge funds.

Reservoir Media Price Performance

The business has a 50-day moving average price of $8.67 and a 200 day moving average price of $8.28. The company has a market cap of $565.13 million, a price-to-earnings ratio of -433.03, a P/E/G ratio of 11.87 and a beta of 0.92. The company has a current ratio of 1.37, a quick ratio of 1.25 and a debt-to-equity ratio of 0.90.

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.