Reservoir Media (NASDAQ:RSVR) Stock Price Down 6.7% – Should You Sell?

Reservoir Media, Inc. (NASDAQ:RSVR) traded down 6.7% during mid-day trading on Tuesday . The company traded as low as $9.27 and last traded at $9.0840. Approximately 19,127 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 73,393 shares. The stock had previously closed at $9.74.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Reservoir Media from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Reservoir Media currently has an average rating of “Hold”.

Reservoir Media Trading Down 11.0%

The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market capitalization of $570.44 million, a price-to-earnings ratio of 66.91 and a beta of 0.74. The firm has a fifty day moving average price of $10.10 and a 200-day moving average price of $9.90.

Hedge Funds Weigh In On Reservoir Media

Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in shares of Reservoir Media by 142.7% in the 2nd quarter. California State Teachers Retirement System now owns 2,670 shares of the company’s stock valued at $270,000 after buying an additional 1,570 shares in the last quarter. Irenic Capital Management LP boosted its position in shares of Reservoir Media by 1.3% during the 2nd quarter. Irenic Capital Management LP now owns 6,260,176 shares of the company’s stock worth $61,913,000 after acquiring an additional 79,000 shares in the last quarter. Nantahala Capital Management LLC bought a new position in Reservoir Media in the second quarter valued at approximately $9,306,094. Bank of America Corp DE acquired a new position in Reservoir Media during the second quarter valued at approximately $179,000. Finally, AWM Investment Company Inc. acquired a new position in Reservoir Media during the second quarter valued at approximately $5,395,000. 44.38% of the stock is owned by 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.