Medalion's SEC Charges Increase Sale Probability, Says B. Riley By Investing.com

Medalion's SEC Charges Increase Sale Probability, Says B. Riley

Stock Markets Dec 30, 2021 01:08PM ET

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Medalion's SEC Charges Increase Sale Probability, Says B. Riley

By Sam Boughedda

Investing.com — The SEC charges against Medallion Financial Corp (NASDAQ:MFIN) and its President Andrew Murstein could have increased the chances of a sale, according to B. Riley analyst Steve Moss.

On Wednesday, the SEC announced charges against the company on allegations that it engaged in illegal touting by paying media strategy company Ichabod's Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.

Medallion shares plunged, closing the day down 21%. Shares are down a further 3.3% on Thursday.

B. Riley analyst Moss told investors in a research note that the charges have created "considerable uncertainty about the future direction of the company."

Moss, who kept a buy rating and $13 price target on the stock, added that the news has increased the probability of a sale of Medallion alongside its bank subsidiary. Furthermore, Moss explained that the "current high liquidity environment is ideal for a sale of an asset generator like Medallion Financial."

Northland's Mike Grondahl took a similar view, saying he believes the charges will accelerate an asset sale. Grondahl told investors the situation could speed up the sale of Medallion Bank, a major asset of Medallion Financial.

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