Reservoir Media (NASDAQ:RSVR) Shares Gap Up to $7.77

Reservoir Media, Inc. (NASDAQ:RSVR) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.77, but opened at $7.95. Reservoir Media shares last traded at $7.95, with a volume of 266 shares.

Wall Street Analysts Forecast Growth

Separately, B. Riley raised their price objective on Reservoir Media from $11.00 to $11.50 and gave the stock a “buy” rating in a research report on Friday, May 31st.

Reservoir Media Stock Down 0.1 %

The firm has a 50 day moving average of $7.53 and a 200 day moving average of $7.68. The firm has a market cap of $504.68 million, a price-to-earnings ratio of -772,000.00, a PEG ratio of 8.17 and a beta of 0.90. The company has a quick ratio of 1.16, a current ratio of 1.28 and a debt-to-equity ratio of 0.91.

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

Insider Buying and Selling at Reservoir Media

In other news, Director Adam Rothstein acquired 4,016 shares of Reservoir Media stock in a transaction on Thursday, June 13th. The stock was purchased at an average price of $7.01 per share, with a total value of $28,152.16. Following the completion of the purchase, the director now owns 272,256 shares of the company’s stock, valued at approximately $1,908,514.56. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Adam Rothstein bought 4,016 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were bought at an average price of $7.01 per share, for a total transaction of $28,152.16. Following the completion of the acquisition, the director now directly owns 272,256 shares of the company’s stock, valued at $1,908,514.56. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Hassan Khosrowshahi bought 300,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was bought at an average price of $8.00 per share, for a total transaction of $2,400,000.00. Following the acquisition, the insider now directly owns 28,526,573 shares of the company’s stock, valued at $228,212,584. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 307,016 shares of company stock valued at $2,449,302. Company insiders own 27.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company purchased a new position in Reservoir Media in the second quarter worth $81,000. Inspire Investing LLC purchased a new position in Reservoir Media in the second quarter worth $367,000. GSA Capital Partners LLP boosted its position in Reservoir Media by 31.1% in the first quarter. GSA Capital Partners LLP now owns 54,746 shares of the company’s stock worth $434,000 after purchasing an additional 12,989 shares during the last quarter. Boston Partners boosted its position in Reservoir Media by 10.7% in the first quarter. Boston Partners now owns 59,067 shares of the company’s stock worth $468,000 after purchasing an additional 5,707 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Reservoir Media by 134.9% in the second quarter. Renaissance Technologies LLC now owns 70,700 shares of the company’s stock worth $559,000 after purchasing an additional 40,600 shares during the last quarter. Institutional investors own 44.38% of the company’s stock.

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.