Reservoir Media (NASDAQ:RSVR) Shares Down 5.2% – Here’s Why

Reservoir Media, Inc. (NASDAQ:RSVR) shares were down 5.2% during trading on Thursday . The stock traded as low as $8.58 and last traded at $8.58. Approximately 27,214 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 54,377 shares. The stock had previously closed at $9.05.

Wall Street Analysts Forecast Growth

Separately, B. Riley upped their price objective on shares of Reservoir Media from $11.50 to $12.50 and gave the stock a “buy” rating in a report on Thursday, October 31st.

Reservoir Media Price Performance

The business has a 50-day simple moving average of $9.00 and a two-hundred day simple moving average of $8.16. 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 stock has a market capitalization of $560.27 million, a price-to-earnings ratio of -429.29, a P/E/G ratio of 12.93 and a beta of 0.93.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new position in shares of Reservoir Media during the 2nd quarter valued at about $81,000. 272 Capital LP purchased a new stake in Reservoir Media during the third quarter valued at about $122,000. E&G Advisors LP purchased a new position in shares of Reservoir Media in the third quarter worth approximately $246,000. Inspire Investing LLC purchased a new stake in shares of Reservoir Media in the 2nd quarter valued at approximately $367,000. Finally, Jane Street Group LLC lifted its stake in Reservoir Media by 22.5% in the 3rd quarter. Jane Street Group LLC now owns 53,018 shares of the company’s stock worth $430,000 after acquiring an additional 9,742 shares in the last quarter. 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.