Reservoir Media (NASDAQ:RSVR) Shares Gap Up – What’s Next?

Reservoir Media, Inc. (NASDAQ:RSVR) shares gapped up before the market opened on Tuesday . The stock had previously closed at $9.15, but opened at $9.38. Reservoir Media shares last traded at $9.42, with a volume of 5,957 shares changing hands.

Analysts Set New Price Targets

Separately, B. Riley raised their target price on Reservoir Media from $11.50 to $12.50 and gave the stock a “buy” rating in a research note on Thursday, October 31st.

Reservoir Media Stock Up 1.6 %

The company’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $7.93. The company has a quick ratio of 1.25, a current ratio of 1.37 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $606.55 million, a PE ratio of -457.27, a price-to-earnings-growth ratio of 13.47 and a beta of 0.89.

Hedge Funds Weigh In On Reservoir Media

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Reservoir Media by 1.7% during the first quarter. Vanguard Group Inc. now owns 1,090,964 shares of the company’s stock valued at $8,651,000 after purchasing an additional 17,830 shares during the last quarter. Boston Partners raised its stake in Reservoir Media by 10.7% during the first quarter. Boston Partners now owns 59,067 shares of the company’s stock valued at $468,000 after buying an additional 5,707 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Reservoir Media by 58.7% in the second quarter. Dimensional Fund Advisors LP now owns 231,113 shares of the company’s stock worth $1,824,000 after acquiring an additional 85,457 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Reservoir Media by 134.9% in the second quarter. Renaissance Technologies LLC now owns 70,700 shares of the company’s stock worth $559,000 after acquiring an additional 40,600 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in shares of Reservoir Media during the second quarter valued at $367,000. Hedge funds and other institutional investors 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.