Reservoir Media, Inc. (NASDAQ:RSVR – Get Free Report) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totaling 468,513 shares, a drop of 35.5% from the July 15th total of 726,675 shares. Based on an average daily volume of 63,167 shares, the days-to-cover ratio is presently 7.4 days. Currently, 1.0% of the shares of the stock are sold short.
Analysts Set New Price Targets
Separately, Weiss Ratings lowered Reservoir Media from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.
Get Our Latest Stock Report on Reservoir Media
Reservoir Media Trading Down 1.6%
Reservoir Media (NASDAQ:RSVR – Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The company had revenue of $47.50 million during the quarter, compared to analysts’ expectations of $44.45 million. Reservoir Media had a net margin of 4.87% and a return on equity of 2.33%. On average, research analysts anticipate that Reservoir Media will post 0.13 EPS for the current year.
Institutional Investors Weigh In On Reservoir Media
Several hedge funds have recently made changes to their positions in RSVR. Irenic Capital Management LP increased its stake in shares of Reservoir Media by 3.3% during the first quarter. Irenic Capital Management LP now owns 6,181,176 shares of the company’s stock valued at $60,514,000 after buying an additional 195,000 shares during the period. BlackRock Inc. purchased a new stake in Reservoir Media in the second quarter worth about $12,533,000. Dimensional Fund Advisors LP grew its holdings in Reservoir Media by 6.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,140,363 shares of the company’s stock worth $11,163,000 after acquiring an additional 67,546 shares in the last quarter. Geode Capital Management LLC increased its position in Reservoir Media by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 644,839 shares of the company’s stock valued at $4,883,000 after purchasing an additional 3,759 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Reservoir Media by 19.9% during the 4th quarter. Russell Investments Group Ltd. now owns 576,776 shares of the company’s stock valued at $4,366,000 after purchasing an additional 95,917 shares during the period. 44.38% of the stock is currently owned by hedge funds and other institutional investors.
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.
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