Reservoir Media (NASDAQ:RSVR) Shares Gap Up After Earnings Beat

Shares of Reservoir Media, Inc. (NASDAQ:RSVR) gapped up prior to trading on Thursday following a stronger than expected earnings report. 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 traded.

The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. Reservoir Media had a return on equity of 1.77% and a net margin of 3.87%.The company had revenue of $47.50 million during the quarter, compared to the consensus estimate of $44.45 million.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Reservoir Media

Several large investors have recently made changes to their positions in the company. Irenic Capital Management LP lifted its holdings in Reservoir Media by 3.3% during the 1st quarter. Irenic Capital Management LP now owns 6,181,176 shares of the company’s stock valued at $60,514,000 after purchasing an additional 195,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Reservoir Media by 6.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,140,363 shares of the company’s stock valued at $11,163,000 after buying an additional 67,546 shares in the last quarter. Geode Capital Management LLC grew its stake in Reservoir Media by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 644,839 shares of the company’s stock worth $4,883,000 after buying an additional 3,759 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Reservoir Media by 19.9% during the fourth quarter. Russell Investments Group Ltd. now owns 576,776 shares of the company’s stock worth $4,366,000 after buying an additional 95,917 shares in the last quarter. Finally, 683 Capital Management LLC acquired a new stake in shares of Reservoir Media during the fourth quarter worth approximately $1,188,000. Institutional investors own 44.38% of the company’s stock.

Reservoir Media Stock Up 2.8%

The business’s 50 day moving average price is $9.91 and its 200-day moving average price is $8.52. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.19 and a quick ratio of 1.19. 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.