B. Riley Financial (NASDAQ:RILY) announced its quarterly earnings on October 8, 2023, revealing a loss of ($0.50) earnings per share (EPS). The asset management firm reported revenue of $186.06 million for the period, according to Zacks Investment Research. This performance reflects the ongoing challenges faced by the company in a volatile market environment.
During midday trading on October 9, B. Riley Financial’s shares fell by $0.45, bringing the stock price down to $4.59. The trading volume reached 495,134 shares, significantly lower than the average volume of 1,267,763 shares. Over the past fifty days, the stock has maintained a moving average price of $5.76, while the 200-day moving average stands at $4.77. The stock has fluctuated within a 52-week range, hitting a low of $2.67 and a high of $7.90.
Market Overview and Analyst Ratings
The current market capitalization for B. Riley Financial is approximately $140.50 million, with a price-to-earnings (P/E) ratio of -0.18 and a beta of 1.48. In a recent research note, Weiss Ratings reiterated a “sell (d-)” rating for the company. This aligns with the consensus view among analysts, as MarketBeat.com indicates that the average rating for B. Riley Financial is “Sell,” with one equities research analyst specifically issuing a Sell rating.
Institutional investors have been adjusting their positions in B. Riley Financial, reflecting varying levels of confidence in the firm. Notably, Bank of America Corp DE increased its stake in the company by 237.2% during the third quarter, acquiring an additional 4,898 shares to total 6,963 shares valued at $42,000.
Cresset Asset Management LLC entered a new position in B. Riley Financial, valued at $79,000. Furthermore, Russell Investments Group Ltd. boosted its holdings by 144.9% in the second quarter, now owning 14,504 shares valued at $43,000 after acquiring 8,582 shares in the last quarter. Jump Financial LLC and Engineers Gate Manager LP also expanded their positions, with the latter raising its stake by 70.0% to own 17,106 shares worth $51,000.
Company Background and Future Outlook
B. Riley Financial operates through its subsidiaries, offering financial services to corporate, institutional, and high-net-worth clients across regions including North America, Australia, the Asia Pacific, and Europe. The company is structured into six segments: Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer.
As institutional investors collectively hold approximately 50.20% of the company’s stock, the firm’s direction will likely be influenced by both market conditions and investor sentiment moving forward. The upcoming quarters will be critical as B. Riley Financial navigates its financial challenges and seeks opportunities for recovery.
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