Reservoir Media (NASDAQ:RSVR) Stock Price Down 2.4% – Time to Sell?

Shares of Reservoir Media, Inc. (NASDAQ:RSVR) were down 2.4% during mid-day trading on Monday . The stock traded as low as $7.44 and last traded at $7.44. Approximately 127,463 shares traded hands during trading, an increase of 104% from the average daily volume of 62,562 shares. The stock had previously closed at $7.62.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RSVR shares. Wall Street Zen cut shares of Reservoir Media from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Zacks Research upgraded Reservoir Media from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reservoir Media in a research report on Monday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Reservoir Media presently has an average rating of “Hold” and an average target price of $11.50.

Reservoir Media Price Performance

The firm has a market cap of $494.55 million, a P/E ratio of 53.86, a PEG ratio of 8.32 and a beta of 0.88. The business’s fifty day simple moving average is $7.52 and its 200-day simple moving average is $7.64. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.13.

Reservoir Media (NASDAQ:RSVR) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $45.44 million during the quarter, compared to analysts’ expectations of $43.14 million. Reservoir Media had a net margin of 5.78% and a return on equity of 2.62%. As a group, analysts forecast that Reservoir Media, Inc. will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling at Reservoir Media

In other news, Director Adam Rothstein sold 65,281 shares of the company’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $7.80, for a total transaction of $509,191.80. Following the sale, the director directly owned 77,546 shares in the company, valued at $604,858.80. This represents a 45.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 27.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RSVR. Irenic Capital Management LP increased its position in shares of Reservoir Media by 3.2% in the third quarter. Irenic Capital Management LP now owns 5,669,671 shares of the company’s stock worth $46,151,000 after purchasing an additional 177,361 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Reservoir Media by 20.8% in the 3rd quarter. Bank of America Corp DE now owns 51,178 shares of the company’s stock worth $417,000 after buying an additional 8,822 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Reservoir Media by 146.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 17,244 shares of the company’s stock valued at $140,000 after buying an additional 10,241 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Reservoir Media by 11.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 480,859 shares of the company’s stock worth $3,914,000 after acquiring an additional 47,812 shares during the last quarter. Finally, Gabelli Funds LLC grew its position in Reservoir Media by 19.6% in the third quarter. Gabelli Funds LLC now owns 27,500 shares of the company’s stock worth $224,000 after acquiring an additional 4,500 shares in the last quarter. Hedge funds and other institutional investors own 44.38% of the company’s stock.

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.