Reservoir Media (NASDAQ:RSVR) Shares Gap Up on Better-Than-Expected Earnings

Reservoir Media, Inc. (NASDAQ:RSVR - Get Free Report)'s share price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $8.13, but opened at $8.85. Reservoir Media shares last traded at $8.67, with a volume of 4,872 shares.

The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.02 by $0.06. Reservoir Media had a net margin of 5.04% and a return on equity of 2.20%.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Reservoir Media

Large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in Reservoir Media by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 620,941 shares of the company's stock worth $5,037,000 after purchasing an additional 13,836 shares during the period. State Street Corp grew its holdings in shares of Reservoir Media by 1.7% during the third quarter. State Street Corp now owns 374,862 shares of the company's stock worth $3,040,000 after buying an additional 6,410 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Reservoir Media by 58.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 231,113 shares of the company's stock valued at $1,824,000 after acquiring an additional 85,457 shares during the period. Exchange Traded Concepts LLC raised its stake in 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 acquiring an additional 36,068 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Reservoir Media by 161.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 65,537 shares of the company's stock worth $532,000 after acquiring an additional 40,484 shares during the period. 44.38% of the stock is owned by institutional investors and hedge funds.

Reservoir Media Stock Down 3.0 %

The company has a market capitalization of $519.23 million, a PE ratio of 72.37, a P/E/G ratio of 11.73 and a beta of 0.92. The company has a current ratio of 1.20, a quick ratio of 1.25 and a debt-to-equity ratio of 1.03. The firm has a 50 day simple moving average of $8.60 and a two-hundred day simple moving average of $8.28.

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.