B. Riley Financial, Inc. (NASDAQ:RILY) announced its quarterly earnings results on October 8, 2023, revealing a loss of $0.50 per share. The asset management firm reported revenues of $186.06 million for the quarter, according to Zacks.
Following the announcement, B. Riley Financial’s stock experienced a decline, trading down $0.45 to reach $4.59 during midday trading on October 9. The trading volume for the day was 495,134 shares, significantly lower than its average volume of 1,267,763 shares. The stock has shown volatility, with a fifty-day moving average price of $5.76 and a two-hundred-day moving average price of $4.77. Over the past year, shares have ranged from a low of $2.67 to a high of $7.90. The company’s market capitalization stands at $140.50 million, with a price-to-earnings ratio of -0.18 and a beta of 1.48, indicating higher volatility compared to the market.
Analyst Ratings and Institutional Activity
In a separate note released on October 8, Weiss Ratings maintained a “sell (d-)” rating for B. Riley Financial. Currently, one equity research analyst has rated the stock as a Sell, contributing to an average rating of “Sell” as reported by MarketBeat.com.
Institutional investors are adjusting their positions in B. Riley Financial. Bank of America Corp DE increased its stake by an impressive 237.2% during the third quarter, now owning 6,963 shares valued at $42,000 after acquiring an additional 4,898 shares. Similarly, Cresset Asset Management LLC took a new position worth $79,000 in the same period.
Russell Investments Group Ltd. also boosted its holding by 144.9% during the second quarter, now owning 14,504 shares valued at $43,000 after adding 8,582 shares. Jump Financial LLC entered the market with a new stake valued at approximately $45,000, while Engineers Gate Manager LP raised its position by 70.0%, now holding 17,106 shares valued at $51,000. Institutional and hedge fund investors collectively own 50.20% of B. Riley Financial’s stock.
About B. Riley Financial
B. Riley Financial, headquartered in the United States, provides diverse financial services to corporate, institutional, and high-net-worth clients across North America, Australia, Asia-Pacific, and Europe. The company operates through six segments: Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer.
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