Reservoir Media (NASDAQ:RSVR) Shares Gap Up - Here's Why

Key Points

• Reservoir Media shares opened higher at $9.45 versus a previous close of $8.82, though they later traded at $9.084 on volume of 17,214 shares.
• Weiss Ratings downgraded the stock from “hold (c)” to “hold (c-),” while three analysts maintain Hold ratings and MarketBeat reports an overall average rating of Hold.
• Institutional investors own 44.38% of Reservoir Media, with several funds increasing their positions; the company has a $611.64 million market capitalization and a P/E ratio of 71.54.

Shares of Reservoir Media, Inc. (NASDAQ:RSVR - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $8.82, but opened at $9.45. Reservoir Media shares last traded at $9.0840, with a volume of 17,214 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Reservoir Media from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold".

Reservoir Media Stock Performance

The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $611.64 million, a P/E ratio of 71.54 and a beta of 0.74. The business's 50 day simple moving average is $10.03 and its two-hundred day simple moving average is $9.92.

Institutional Investors Weigh In On Reservoir Media

Several institutional investors and hedge funds have recently made changes to their positions in RSVR. California State Teachers Retirement System boosted its stake in Reservoir Media by 142.7% during the 2nd quarter. California State Teachers Retirement System now owns 2,670 shares of the company's stock valued at $270,000 after purchasing an additional 1,570 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Reservoir Media by 101.1% in the second quarter. BNP Paribas Financial Markets now owns 7,003 shares of the company's stock worth $54,000 after purchasing an additional 3,521 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Reservoir Media by 373.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock valued at $58,000 after purchasing an additional 5,918 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Reservoir Media during the second quarter valued at $123,000. Finally, Invesco Ltd. boosted its position in shares of Reservoir Media by 22.1% during the fourth quarter. Invesco Ltd. now owns 13,446 shares of the company's stock valued at $102,000 after buying an additional 2,433 shares during the last quarter. Institutional investors own 44.38% of the company's stock.

Reservoir Media Company Profile

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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