Reservoir Media (NASDAQ:RSVR) Sees Large Volume Increase – Time to Buy?

Reservoir Media, Inc. (NASDAQ:RSVR) saw strong trading volume on Friday . 19,275 shares changed hands during mid-day trading, a decline of 11% from the previous session’s volume of 21,676 shares.The stock last traded at $8.11 and had previously closed at $8.25.

Wall Street Analysts Forecast Growth

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.

Reservoir Media Stock Performance

The company’s 50 day moving average price is $8.74 and its 200-day moving average price is $8.27. The stock has a market cap of $552.41 million, a P/E ratio of -421.14, a price-to-earnings-growth ratio of 11.79 and a beta of 0.94. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.25 and a current ratio of 1.37.

Hedge Funds Weigh In On Reservoir Media

A number of hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new stake in Reservoir Media during the second quarter worth $81,000. 272 Capital LP bought a new stake in shares of Reservoir Media during the 3rd quarter worth $122,000. E&G Advisors LP bought a new stake in shares of Reservoir Media during the 3rd quarter worth $246,000. Inspire Investing LLC grew its position 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 period. Finally, Jane Street Group LLC increased its holdings in Reservoir Media by 22.5% during 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. Hedge funds and other institutional investors own 44.38% of the company’s stock.

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.