Reservoir Media (NASDAQ:RSVR) Shares Up 6.5% – What’s Next?

Reservoir Media, Inc. (NASDAQ:RSVR)’s share price was up 6.5% during mid-day trading on Monday . The stock traded as high as $8.60 and last traded at $8.68. Approximately 3,813 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 23,355 shares. The stock had previously closed at $8.15.

Wall Street Analysts Forecast Growth

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

Reservoir Media Price 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 firm’s fifty day moving average price is $8.79 and its two-hundred day moving average price is $8.26. The stock has a market capitalization of $552.50 million, a PE ratio of -425.29, a PEG ratio of 11.61 and a beta of 0.94.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RSVR. Dimensional Fund Advisors LP raised its holdings in shares of Reservoir Media by 58.7% during the second quarter. Dimensional Fund Advisors LP now owns 231,113 shares of the company’s stock valued at $1,824,000 after purchasing an additional 85,457 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Reservoir Media by 134.9% during the second quarter. Renaissance Technologies LLC now owns 70,700 shares of the company’s stock valued at $559,000 after purchasing an additional 40,600 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Reservoir Media during the second quarter valued at approximately $81,000. Inspire Investing LLC increased its holdings in 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 buying an additional 6,375 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in Reservoir Media by 113.2% during the third quarter. Exchange Traded Concepts LLC now owns 67,930 shares of the company’s stock valued at $551,000 after buying an additional 36,068 shares during the last quarter. 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.