B. Riley Financial, Inc. RILY shares are trading lower Monday on continued downward momentum. The stock has fallen more than 37% over the last five days.
What To Know:
In August, B. Riley Financial led the equity financing for the buyout of Franchise Group (FRG) and became the largest minority shareholder in the company. FRG has recently had several negative news items which could be contributing to the decline in the price of RILY shares.
Last Friday, S&P lowered its credit rating on FRG to 'B-' from 'B', and earlier this month, Bloomberg reported FRG CEO Brian Kahn is under investigation as one of the co-conspirators in a federal fraud case.
B. Riley Financial released its third-quarter financial results last Wednesday and reported quarterly losses of $2.53 per share, representing a 265% decrease over earnings of $1.53 per share from the same period last year. The company reported $462.31 million in quarterly sales, a 48% increase over sales of $312.12 million year-over-year.
B. Riley shares continue to fall Monday on heavy trading volume. According to data from Benzinga Pro, more than 3.67 million shares have been traded in the session, compared to the stock's 100-day average of slightly more than 375 thousand shares.
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RILY Price Action: According to Benzinga Pro, B. Riley Financial shares are down over 18% at $20.88 at the time of publication.
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