RSVR, HCTI, BKSY, K, MULN: Trending Stocks Today 21 June – Value the Markets

US equities are up in Tuesday morning trading after the S&P slipped nearly 6% last week, marking its worst performance since the depths of the pandemic.

Oil up, gold down and Bitcoin (BTC) up.

Here are some of today’s trending stocks: 

Reservoir Media Inc (NASDAQ: RSVR)

The Reservoir Media Inc (NASDAQ: RSVR) share price is up 14.3% in pre-market trading. The company released its Q4 and fiscal year 2022 results.

Reservoir is an independent music company based in New York City. It is also the first female-founded and led publicly traded independent music company in the US. The company went public in January 2021.

The upbeat investor response comes as the company delivers 34% annual top-line growth. It also exceeds $200m in its capital deployment goal for 2022, along with beating expectations in full fiscal year revenue and profitability outlook. 

Reservoir Media’s fiscal 2023 outlook includes 8%-to-12% top-line growth. 

Q4 & Recent Highlights

  • Revenue: $35.1m (up 20% organically Y/Y, or 46% including acquisitions)

  • Music Publishing Revenue: up 29% Y/Y

  • Recorded Music Revenue: up 123% Y/Y

  • Operating Income: $8.7m (up 28% Y/Y)

  • Net Income: $8.9m ($0.14 per share)

  • Adjusted EBITDA: $15.4m (up 47% Y/Y)

  • Completed several recent catalog acquisitions, including Larry Smith, Henry Jackman, Larry Kusik and others

  • Signed multiple publishing and futures deals over the last few months, including Ali Tamposi, Killer Mike, Phil Manzanera, Mohamed Ramadan and others

Based on this morning’s gains, the RSVR share price remains down -6.4% year-to-date.

Healthcare Triangle Inc (NASDAQ: HCTI)

Healthcare Triangle Inc (NASDAQ: HCTI) helps healthcare and life sciences companies deliver personalized patient experiences.

The HCTI stock is up more than 63% in pre-market trading. This jump in the HCTI share price comes as its Board of Directors approved a share repurchase program authorizing the company to repurchase up to $2m of its common stock.

Suresh Venkatachari, Chairman and CEO of Healthcare Triangle, said: 

The authorization of this share repurchase program reflects our management’s confidence in the potential of the organization and our ability to generate long-term shareholder value. 

With the growth momentum in our cloud based platform and managed services business, we believe we are poised for a strong 2022 in our healthcare and life sciences businesses as we look to expand our footprint across North America and the international markets.

We strongly believe there is a disconnect between our current share price and the intrinsic value of our common stock, based on what we believe to be Healthcare Triangle’s future earnings potential.

Over the past year, Healthcare Triangle Inc (HCTI) has traded between $0.61 and $4.35. Today it sits around $1.47.

Blacksky Technology Inc (NYSE: BKSY)

Blacksky Technology Inc (NYSE: BKSY) stock is up over 33% in pre-market trading to $2.72.

The company was awarded a basic order agreement from the Joint Artificial Intelligence Center (JAIC) to create and optimize data sets for use in DoD AI models and applications. The JAIC agreement has a ceiling value of $241m over five years.

Patrick O’Neil, BlackSky’s chief innovation officer, said:

With demonstrated AI expertise in space-based dynamic monitoring, this agreement will open even more doors for BlackSky to contribute its unique value to the diverse national security challenges faced by the wider DoD community,

BlackSky designs, owns and operates one of the industry’s leading low earth orbit small satellite constellations optimized to capture imagery cost-efficiently.

Over the past year, Blacksky Technology Inc (BKSY) has traded between $1 and $13.20.

Kellogg Company (NYSE: K)

Kellogg Company (NYSE: K) stock is up 4.6% in pre-market trading to $71.37. The company announced it is splitting into three separate companies. Kellogg’s will separate plant-based foods from its cereals division, and the third company will contain snacks.

The company may also consider selling its plant-based business.

Kellogg CEO Steve Cahillane said:

These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities,

The independent spinoffs are expected to complete by the end of next year.

Over the past year, Kellogg Company (K) has traded between $59.54 and $75.56. FactSet analysts have a Hold rating on Kellogg stock with a target share price of $70.95.

Mullen Automotive Inc (NASDAQ: MULN)

The Mullen Automotive Inc (NASDAQ: MULN) share price is up over 10.6% in early trading. The company extended the maturity of a convertible note worth $28m to July 2024. This helps preserve company cash flow at a difficult time. 

The Californian EV company has seen its share price plummet 87.3% in the past year.

Nevertheless, Mullen Automotive continues to soldier on and will join the Russell 2000 and Russell 3000 indices at the end of June.