Reservoir Media (NASDAQ:RSVR) Stock Price Up 3.7%

Shares of Reservoir Media, Inc. (NASDAQ:RSVR) shot up 3.7% on Monday . The stock traded as high as $7.90 and last traded at $7.81. 47,034 shares were traded during mid-day trading, a decline of 32% from the average session volume of 68,953 shares. The stock had previously closed at $7.53.

Wall Street Analyst Weigh In

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

Reservoir Media Price Performance

The firm has a market cap of $524.87 million, a P/E ratio of -807,000.00, a price-to-earnings-growth ratio of 9.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.17 and a quick ratio of 1.07. The firm’s 50 day moving average is $7.71 and its 200 day moving average is $7.54.

Reservoir Media (NASDAQ:RSVR) last issued its quarterly earnings results on Thursday, May 30th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. The firm had revenue of $39.15 million for the quarter, compared to analysts’ expectations of $35.36 million. Reservoir Media had a return on equity of 1.14% and a net margin of 0.44%. As a group, analysts anticipate that Reservoir Media, Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Reservoir Media

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Irenic Capital Management LP raised its holdings in shares of Reservoir Media by 18.5% during the fourth quarter. Irenic Capital Management LP now owns 3,460,501 shares of the company’s stock valued at $24,673,000 after purchasing an additional 540,360 shares during the last quarter. Federated Hermes Inc. raised its stake in Reservoir Media by 24.3% during the 4th quarter. Federated Hermes Inc. now owns 1,864,728 shares of the company’s stock valued at $13,296,000 after buying an additional 364,728 shares during the last quarter. Vanguard Group Inc. raised its stake in Reservoir Media by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 1,090,964 shares of the company’s stock valued at $8,651,000 after buying an additional 17,830 shares during the last quarter. Sanders Morris Harris LLC bought a new position in shares of Reservoir Media during the 1st quarter valued at $7,249,000. Finally, AWM Investment Company Inc. boosted its stake in shares of Reservoir Media by 2.1% in the 1st quarter. AWM Investment Company Inc. now owns 716,662 shares of the company’s stock worth $5,683,000 after buying an additional 15,000 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.