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

Reservoir Media, Inc. (NASDAQ:RSVR)’s stock price gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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 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%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Reservoir Media

Hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new position in Reservoir Media during the 2nd quarter worth about $81,000. 272 Capital LP bought a new position in shares of Reservoir Media in the 3rd quarter worth about $122,000. E&G Advisors LP bought a new position in shares of Reservoir Media in the 3rd quarter worth about $246,000. Inspire Investing LLC raised its position in shares of Reservoir Media by 13.7% in the 3rd quarter. Inspire Investing LLC now owns 52,858 shares of the company’s stock worth $429,000 after acquiring an additional 6,375 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Reservoir Media by 22.5% in the 3rd quarter. Jane Street Group LLC now owns 53,018 shares of the company’s stock worth $430,000 after acquiring an additional 9,742 shares in the last quarter. Institutional investors and hedge funds own 44.38% of the company’s stock.

Reservoir Media Stock Performance

The company has a 50-day moving average price of $8.63 and a two-hundred day moving average price of $8.28. The company has a current ratio of 1.37, a quick ratio of 1.25 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $535.46 million, a P/E ratio of -410.29, a price-to-earnings-growth ratio of 11.87 and a beta of 0.92.

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.