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

Reservoir Media, Inc. (NASDAQ:RSVR)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $9.15, but opened at $9.38. Reservoir Media shares last traded at $9.42, with a volume of 5,957 shares changing hands.

Wall Street Analyst Weigh In

Separately, B. Riley raised their price target on shares of Reservoir Media from $11.50 to $12.50 and gave the company a “buy” rating in a research report on Thursday, October 31st.

Reservoir Media Stock Performance

The company has a quick ratio of 1.25, a current ratio of 1.37 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $606.55 million, a P/E ratio of -457.27, a P/E/G ratio of 13.47 and a beta of 0.89. The business has a fifty day moving average price of $8.42 and a 200-day moving average price of $7.93.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RSVR. The Manufacturers Life Insurance Company purchased a new stake in Reservoir Media during the second quarter valued at $81,000. E&G Advisors LP purchased a new stake in shares of Reservoir Media during the 3rd quarter valued at about $246,000. Inspire Investing LLC bought a new position in shares of Reservoir Media in the 2nd quarter worth approximately $367,000. Jane Street Group LLC boosted its holdings in shares of Reservoir Media by 22.5% in the third quarter. Jane Street Group LLC now owns 53,018 shares of the company’s stock worth $430,000 after buying an additional 9,742 shares during the last quarter. Finally, Boston Partners grew its position in 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 buying an additional 5,707 shares during the period. 44.38% of the stock is owned by hedge funds and other institutional investors.

Reservoir Media Company Profile

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.