B. Riley Financial Reports Quarterly Loss Amid Mixed Investor Activity
B. Riley Financial (NASDAQ:RILY) announced its quarterly earnings on October 8, revealing a significant loss. The asset manager reported an earnings per share (EPS) of ($0.50) for the quarter, according to Zacks. Total revenue for the period reached $186.06 million, indicating challenges in maintaining profitability.
During midday trading on Wednesday, shares of B. Riley Financial fell by $0.45, bringing the stock price down to $4.59. The trading volume reached 495,134 shares, notably lower than the average of 1,267,763 shares. The company’s stock has fluctuated significantly over the past year, with a fifty-two week low of $2.67 and a high of $7.90. B. Riley Financial currently has a market capitalization of $140.50 million, a price-to-earnings (PE) ratio of -0.18, and a beta of 1.48, reflecting its volatility in the market.
Analysts Provide Mixed Ratings
In a separate development, Weiss Ratings reaffirmed a “sell (d-)” rating for B. Riley Financial’s shares in a research note published on October 8. This rating aligns with the overall sentiment among analysts, as one equities research analyst has categorized the stock as a “sell.” According to MarketBeat.com, the average rating for B. Riley Financial remains at “sell,” which may concern current and potential investors.
Institutional Investment Trends
Recent activity among institutional investors has also impacted the stock’s performance. Several hedge funds have adjusted their positions in B. Riley Financial. Notably, Bank of America Corp DE increased its stake by 237.2% during the third quarter, acquiring an additional 4,898 shares to hold a total of 6,963 shares, valued at approximately $42,000. Similarly, Cresset Asset Management LLC entered a new position valued at $79,000 during the same period.
Russell Investments Group Ltd. raised its holdings by 144.9% in the second quarter, now owning 14,504 shares with a total value of $43,000. Additionally, Jump Financial LLC and Engineers Gate Manager LP both increased their stakes in B. Riley Financial, reflecting ongoing interest from institutional investors. Currently, institutional investors and hedge funds collectively own 50.20% of the company’s stock.
B. Riley Financial operates across various segments including Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer services. The firm caters to corporate, institutional, and high-net-worth clients across North America, Australia, the Asia Pacific, and Europe.
Investors will be looking closely at future earnings reports and market conditions to gauge how B. Riley Financial navigates its current challenges.
