The Chief Executive Of B. Riley Buys $6 Million Of Shares After The Market Plunges

‍During the short report, B. Riley CEO picked up more than $6 million in stock

After reading the report of the short sellers, it was announced that the CEO of Riley Financial (NASDAQ:RILY) has bought approximately 136,000 shares at $40.18, which amounts to $5.46 million in investments, and another 20,000 shares at $38.75, which amounts to $775,000 in investments.

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There was a significant drop in shares of B. Riley Financial on Wednesday after Wolfpack Research published its short position disclosure for a short position in the company. It was alleged by the research firm that the firm leveraged to purchase toxic assets during the financial mania. A Wolfpack spokesperson stated, "The company's cash and investments, net of its debt obligations, decreased by $950 million to -$350 million in 2022, and it is unlikely that they expect that to improve in 2023."

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It is to be noted that Wolfpack criticised B. Riley for its inability to reduce losses on its "failing" investments and for its decision to provide more capital to distressed clients like Core Scientific Inc., which filed for bankruptcy in December, but did not reduce losses on its "working" investments last year. There is a statement by Wolfpack which indicates that the biggest risk for B. Riley is the possibility of it filing for bankruptcy due to a large portion of its loan portfolio. B. Riley's client Bed Bath & Beyond (NASDAQ:BBBY) recently offered equity in a bid to avoid bankruptcy.

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B. Riley has yet to respond to the report.

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A $25 million share sale by ServiceNow's CEO

Bill McDermott sold 53,883 shares at $455.03 to $460.98, or roughly $25M worth of shares, on Monday, causing ServiceNow's (NYSE:NOW) shares to drop over 3%.

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EPS for the month of February was $2.28, following a consensus estimate of $2.02. EPS for the month of February was $1.94, which was in line with expectations.

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As Truist Securities take a more conservative stance on the first half of the year, the stock was downgraded to Hold from Buy in January with a $420.00 price target (from $525.00).

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In the past week, shares have increased marginally.

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Another two big insider buys

Approximately $2.4M worth of Corteva stock has been acquired by its CEO, Charles Magro at $60.637, a price of 40,000 shares.

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According to the company, EPS/revenue of $0.16/3.83B beat the consensus estimate of $0.05/3.79B earlier this month.

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It is expected that EPS for 2023 will be $2.70 to $2.90, compared with the consensus estimate of $3.13. In terms of revenue, the consensus estimate is $18.49B, which is lower than the expected $18.1B.

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Nearly 5% of shares gained during the week.

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The Cintas Corporation (NASDAQ:CNC) saw a few insider purchases last week. Theodore Samuels, the director, bought 7,000 shares at $71.88, or $503,160 worth, while James Murray, the COO, purchased 6,750 shares at $73.30 for $494,775 in value.

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Aston Martin's Q4 results were announced last week, and EPS and revenues were both better than expected.

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Compared to the consensus estimate of $6.37 for EPS for fiscal 2023, the company is expecting $6.25-$6.40 in earnings per share. Revenue was seen at $131.5-$133.5 billion, compared to the consensus estimate of $139.8 billion.