Reservoir Media (NASDAQ:RSVR) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Reservoir Media (NASDAQ:RSVR) announced its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01, FiscalAI reports. Reservoir Media had a net margin of 5.78% and a return on equity of 2.62%. The business had revenue of $45.57 million during the quarter, compared to the consensus estimate of $42.63 million.

Reservoir Media Stock Up 2.4%

Shares of RSVR traded up $0.17 during mid-day trading on Wednesday, hitting $7.39. 2,723 shares of the company’s stock were exchanged, compared to its average volume of 60,757. The stock’s 50-day moving average is $7.47 and its 200-day moving average is $7.61. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.35 and a current ratio of 1.35. Reservoir Media has a fifty-two week low of $6.56 and a fifty-two week high of $8.94. The company has a market cap of $484.71 million, a price-to-earnings ratio of 52.79 and a beta of 0.88.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Reservoir Media in a research report on Monday, December 29th. Wall Street Zen downgraded Reservoir Media from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Institutional Investors Weigh In On Reservoir Media

A number of hedge funds have recently added to or reduced their stakes in RSVR. Russell Investments Group Ltd. grew its stake in shares of Reservoir Media by 11.0% in the third 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Reservoir Media by 3.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,009,690 shares of the company’s stock valued at $8,218,000 after purchasing an additional 34,470 shares during the period. Hsbc Holdings PLC grew its stake in Reservoir Media by 59.0% during the 2nd quarter. Hsbc Holdings PLC now owns 54,205 shares of the company’s stock worth $409,000 after purchasing an additional 20,116 shares in the last quarter. Jane Street Group LLC increased its holdings in Reservoir Media by 56.7% during the 1st quarter. Jane Street Group LLC now owns 49,649 shares of the company’s stock worth $379,000 after purchasing an additional 17,963 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Reservoir Media by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 641,418 shares of the company’s stock worth $4,921,000 after purchasing an additional 17,384 shares during the period. 44.38% of the stock is currently owned by institutional investors and hedge funds.

About Reservoir Media

Reservoir Media Inc is a global independent music rights management company that acquires, administers and monetizes music publishing and master recording assets. Its business model centers on building a diverse portfolio of copyrights and recordings across genres, then generating revenue through licensing, royalty collection and direct-to-fan initiatives. Reservoir’s catalog includes works by established and emerging songwriters and artists, spanning pop, rock, country, R&B and other contemporary styles.

The company operates two primary segments: music publishing and recorded music.