Reservoir Media (NASDAQ:RSVR) Stock Price Down 5.2% - Here's What Happened

Shares of Reservoir Media, Inc. (NASDAQ:RSVR - Get Free Report) traded down 5.2% during trading on Thursday . The company traded as low as $8.58 and last traded at $8.58. 27,214 shares changed hands during trading, a decline of 50% from the average session volume of 54,377 shares. The stock had previously closed at $9.05.

Wall Street Analysts Forecast Growth

Separately, B. Riley upped their price target on shares of Reservoir Media from $11.50 to $12.50 and gave the company a "buy" rating in a research report on Thursday, October 31st.

Reservoir Media Stock Down 5.6 %

The firm has a 50-day moving average of $9.00 and a two-hundred day moving average of $8.16. The stock has a market capitalization of $557.00 million, a price-to-earnings ratio of -426.79, a price-to-earnings-growth ratio of 12.93 and a beta of 0.93. The company has a quick ratio of 1.25, a current ratio of 1.37 and a debt-to-equity ratio of 0.90.

Institutional Investors Weigh In On Reservoir Media

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of Reservoir Media by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 620,941 shares of the company's stock valued at $5,037,000 after buying an additional 13,836 shares in the last quarter. State Street Corp lifted its stake in Reservoir Media by 1.7% in the third quarter. State Street Corp now owns 374,862 shares of the company's stock valued at $3,040,000 after acquiring an additional 6,410 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Reservoir Media by 58.7% in the second quarter. Dimensional Fund Advisors LP now owns 231,113 shares of the company's stock worth $1,824,000 after acquiring an additional 85,457 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Reservoir Media by 134.9% during the 2nd 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. Finally, Exchange Traded Concepts LLC raised its holdings in shares of Reservoir Media by 113.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 67,930 shares of the company's stock valued at $551,000 after purchasing an additional 36,068 shares in the last quarter. Hedge funds and other 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.