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

Shares of Reservoir Media, Inc. (NASDAQ:RSVR) gapped up before the market opened 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 traded.

The company reported $0.08 earnings per share for the quarter, beating 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 Ratings Changes

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new stake in Reservoir Media in the second quarter valued at about $81,000. 272 Capital LP bought a new position in shares of Reservoir Media during the third quarter valued at approximately $122,000. E&G Advisors LP bought a new position in shares of Reservoir Media during the third quarter valued at approximately $246,000. Inspire Investing LLC grew 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. Finally, Jane Street Group LLC grew its holdings in shares of Reservoir Media by 22.5% during the third quarter. Jane Street Group LLC now owns 53,018 shares of the company’s stock valued at $430,000 after purchasing an additional 9,742 shares during the last quarter. Institutional investors and hedge funds own 44.38% of the company’s stock.

Reservoir Media Price Performance

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

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.