Reservoir Media (NASDAQ:RSVR) Shares Gap Down - Time to Sell?

Reservoir Media, Inc. (NASDAQ:RSVR - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $7.80, but opened at $7.31. Reservoir Media shares last traded at $7.70, with a volume of 22,522 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Reservoir Media from a "hold" rating to a "sell" rating in a research report on Friday.

Reservoir Media Trading Down 2.2%

The company has a market cap of $497.73 million, a PE ratio of 69.37, a PEG ratio of 7.16 and a beta of 0.90. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.20 and a current ratio of 1.20. The company has a 50 day simple moving average of $7.30 and a two-hundred day simple moving average of $7.98.

Reservoir Media (NASDAQ:RSVR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported $0.04 EPS for the quarter, meeting analysts' consensus estimates of $0.04. The firm had revenue of $41.42 million for the quarter, compared to the consensus estimate of $40.31 million. Reservoir Media had a net margin of 5.04% and a return on equity of 2.20%. Sell-side analysts forecast that Reservoir Media, Inc. will post 0.11 EPS for the current year.

Hedge Funds Weigh In On Reservoir Media

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. grew its stake in Reservoir Media by 67.7% in the first quarter. Russell Investments Group Ltd. now owns 380,812 shares of the company's stock valued at $2,906,000 after purchasing an additional 153,705 shares in the last quarter. Hurley Capital LLC acquired a new stake in shares of Reservoir Media during the 4th quarter valued at about $1,183,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Reservoir Media during the 4th quarter valued at about $1,131,000. Irenic Capital Management LP grew its stake in shares of Reservoir Media by 1.2% in the 1st quarter. Irenic Capital Management LP now owns 5,388,003 shares of the company's stock valued at $41,110,000 after buying an additional 65,421 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Reservoir Media by 18.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 352,568 shares of the company's stock worth $3,191,000 after buying an additional 55,396 shares during the last quarter. 44.38% of the stock is owned by institutional investors and hedge funds.

About Reservoir Media

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.