Reservoir Media (NASDAQ:RSVR) Shares Gap Up – Here’s Why

Shares of Reservoir Media, Inc. (NASDAQ:RSVR) gapped up prior to trading on Tuesday . The stock had previously closed at $9.15, but opened at $9.38. Reservoir Media shares last traded at $9.42, with a volume of 5,957 shares.

Analyst Upgrades and Downgrades

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

Reservoir Media Trading Down 0.2 %

The firm has a market cap of $604.59 million, a PE ratio of -465.27, a PEG ratio of 13.07 and a beta of 0.89. 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 stock’s fifty day simple moving average is $8.45 and its two-hundred day simple moving average is $7.93.

Institutional Investors Weigh In On Reservoir Media

A number of hedge funds and other institutional investors have recently bought and sold shares of RSVR. The Manufacturers Life Insurance Company purchased a new stake in Reservoir Media in the second quarter worth about $81,000. E&G Advisors LP purchased a new stake in Reservoir Media in the third quarter worth about $246,000. Inspire Investing LLC purchased a new stake in Reservoir Media in the second quarter worth about $367,000. Jane Street Group LLC grew its holdings in Reservoir Media by 22.5% in the third quarter. Jane Street Group LLC now owns 53,018 shares of the company’s stock worth $430,000 after purchasing an additional 9,742 shares during the period. Finally, Boston Partners grew its holdings in Reservoir Media by 10.7% in the first quarter. Boston Partners now owns 59,067 shares of the company’s stock worth $468,000 after purchasing an additional 5,707 shares during the period. 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.