Reservoir Media (NASDAQ:RSVR) Stock Price Down 2.9% - Here's Why

Reservoir Media, Inc. (NASDAQ:RSVR - Get Free Report)'s stock price dropped 2.9% during mid-day trading on Wednesday . The company traded as low as $7.33 and last traded at $7.35. Approximately 106,988 shares traded hands during trading, an increase of 129% from the average daily volume of 46,719 shares. The stock had previously closed at $7.57.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wall Street Zen raised Reservoir Media from a "sell" rating to a "hold" rating in a research report on Monday, June 23rd. B. Riley reaffirmed a "buy" rating and issued a $11.50 target price (down from $12.50) on shares of Reservoir Media in a research report on Friday, June 6th.

Reservoir Media Price Performance

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.06. The company has a market cap of $482.59 million, a price-to-earnings ratio of 67.19, a price-to-earnings-growth ratio of 4.77 and a beta of 0.88. The company has a fifty day simple moving average of $7.53 and a two-hundred day simple moving average of $7.60.

Reservoir Media (NASDAQ:RSVR - Get Free Report) last released its earnings results on Wednesday, May 28th. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Reservoir Media had a return on equity of 2.15% and a net margin of 4.88%. The firm had revenue of $41.42 million for the quarter, compared to the consensus estimate of $40.31 million. On average, equities research analysts anticipate that Reservoir Media, Inc. will post 0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reservoir Media

A number of large investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in shares of Reservoir Media by 22.4% in the fourth quarter. Wells Fargo & Company MN now owns 13,851 shares of the company's stock valued at $125,000 after buying an additional 2,531 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Reservoir Media by 3.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 90,003 shares of the company's stock valued at $687,000 after purchasing an additional 3,110 shares in the last quarter. Inspire Investing LLC grew its stake in Reservoir Media by 7.5% during the 1st quarter. Inspire Investing LLC now owns 46,838 shares of the company's stock valued at $357,000 after purchasing an additional 3,281 shares in the last quarter. Hurley Capital LLC grew its stake in Reservoir Media by 3.4% during the 1st quarter. Hurley Capital LLC now owns 144,104 shares of the company's stock valued at $1,100,000 after purchasing an additional 4,741 shares in the last quarter. Finally, Meridian Wealth Advisors LLC grew its stake in Reservoir Media by 49.7% during the 4th quarter. Meridian Wealth Advisors LLC now owns 14,974 shares of the company's stock valued at $136,000 after purchasing an additional 4,974 shares in the last quarter. Institutional investors and hedge funds own 44.38% of the company's stock.

Reservoir Media Company Profile

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.