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

Reservoir Media, Inc. (NASDAQ:RSVR) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $10.40, but opened at $10.96. Reservoir Media shares last traded at $10.33, with a volume of 39,456 shares.

The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The firm had revenue of $47.50 million during the quarter, compared to the consensus estimate of $44.45 million. Reservoir Media had a return on equity of 1.77% and a net margin of 3.87%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on RSVR shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reservoir Media in a report on Friday, March 27th. B. Riley Financial cut shares of Reservoir Media from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Wall Street Zen raised shares of Reservoir Media from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Reservoir Media currently has an average rating of “Hold” and a consensus target price of $11.50.

Hedge Funds Weigh In On Reservoir Media

Several large investors have recently made changes to their positions in the company. Irenic Capital Management LP boosted its holdings in Reservoir Media by 3.3% in the first quarter. Irenic Capital Management LP now owns 6,181,176 shares of the company’s stock valued at $60,514,000 after acquiring an additional 195,000 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Reservoir Media by 6.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,140,363 shares of the company’s stock worth $11,163,000 after purchasing an additional 67,546 shares during the last quarter. North Star Investment Management Corp. lifted its position in Reservoir Media by 64.1% during the 1st quarter. North Star Investment Management Corp. now owns 64,000 shares of the company’s stock valued at $627,000 after purchasing an additional 25,000 shares during the period. Hsbc Holdings PLC lifted its position in Reservoir Media by 3.6% during the 4th quarter. Hsbc Holdings PLC now owns 58,507 shares of the company’s stock valued at $440,000 after purchasing an additional 2,042 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Reservoir Media by 22.1% in the 4th quarter. Invesco Ltd. now owns 13,446 shares of the company’s stock valued at $102,000 after purchasing an additional 2,433 shares during the last quarter. Institutional investors and hedge funds own 44.38% of the company’s stock.

Reservoir Media Stock Up 2.8%

The firm’s 50 day moving average price is $9.91 and its 200-day moving average price is $8.52. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.21. The company has a market cap of $701.07 million, a P/E ratio of 118.55 and a beta of 0.74.

About Reservoir Media

Reservoir Media Inc is a global independent music rights management company that acquires, administers and monetizes music publishing and master recording assets. Its business model centers on building a diverse portfolio of copyrights and recordings across genres, then generating revenue through licensing, royalty collection and direct-to-fan initiatives. Reservoir’s catalog includes works by established and emerging songwriters and artists, spanning pop, rock, country, R&B and other contemporary styles.

The company operates two primary segments: music publishing and recorded music.