Irenic Capital Management LP Has $46.15 Million Stock Holdings in Reservoir Media, Inc. $RSVR

Key Points

• Irenic Capital Management increased its stake in Reservoir Media by 3.2% in Q3 to 5,669,671 shares (about $46.15 million), representing roughly 8.64% ownership and making RSVR the fund’s third-largest position.
• Reservoir Media beat quarterly expectations with $0.03 EPS (vs. $0.02 est.) and $45.57M revenue, while analysts hold a consensus rating of “Hold” with an average price target of $11.50 and expected FY EPS of $0.11.
• Institutional investors own 44.38% of the stock; the company has a $645.5M market cap, a PE of 109.35, and a 1-year trading range of $6.56–$10.32 (recent open $9.84).

Irenic Capital Management LP increased its stake in shares of Reservoir Media, Inc. (NASDAQ:RSVR - Free Report) by 3.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,669,671 shares of the company's stock after buying an additional 177,361 shares during the period. Reservoir Media comprises about 4.8% of Irenic Capital Management LP's holdings, making the stock its 3rd biggest position. Irenic Capital Management LP owned about 8.64% of Reservoir Media worth $46,151,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Reservoir Media in the 2nd quarter worth approximately $34,000. BNP Paribas Financial Markets grew its holdings in Reservoir Media by 101.1% during the second quarter. BNP Paribas Financial Markets now owns 7,003 shares of the company's stock valued at $54,000 after purchasing an additional 3,521 shares during the period. Tower Research Capital LLC TRC increased its position in Reservoir Media by 373.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock worth $58,000 after buying an additional 5,918 shares during the last quarter. Gabelli Funds LLC increased its position in Reservoir Media by 19.6% in the third quarter. Gabelli Funds LLC now owns 27,500 shares of the company's stock worth $224,000 after buying an additional 4,500 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Reservoir Media by 31.4% in the second quarter. Bank of America Corp DE now owns 42,356 shares of the company's stock valued at $325,000 after buying an additional 10,120 shares during the period. Hedge funds and other institutional investors own 44.38% of the company's stock.

Reservoir Media Stock Performance

Reservoir Media stock opened at $9.84 on Monday. Reservoir Media, Inc. has a 1-year low of $6.56 and a 1-year high of $10.32. 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 firm has a market capitalization of $645.50 million, a PE ratio of 109.35 and a beta of 0.84. The firm's 50 day simple moving average is $8.00 and its 200 day simple moving average is $7.74.

Reservoir Media (NASDAQ:RSVR - Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. The firm had revenue of $45.57 million during the quarter, compared to analyst estimates of $42.63 million. Reservoir Media had a net margin of 3.87% and a return on equity of 1.77%. As a group, analysts expect that Reservoir Media, Inc. will post 0.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Reservoir Media in a research report on Monday, December 29th. B. Riley Financial lowered 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 upgraded shares of Reservoir Media from a "sell" rating to a "hold" rating in a research note on Saturday, February 7th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $11.50.

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.

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