Medley Management Stock: Why MDLY Stock Is Rocketing 161% Today

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Medley Management (NYSE:MDLY) stock is on a wild ride Monday, but what exactly is behind the major movements?

Man holding head with a falling chart in the background.
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Funnily enough, not even Medley Management knows what’s got its stock moving today. While it doesn’t normally comment on stick movements, it put out a press release to address the increase in trading and its stock price.

The following is Medley Management’s statement concerning MDLY stock’s movement today.

“The Company confirms that it is not aware of any undisclosed material change in the business, operations or affairs of the Company that would account for the recent increase in trading activity, and related increase in trading price.”

Alright. So it’s not actually any news from Medley Management that has MDLY stock on the move today. If that’s the case, then what exactly is behind this increase in MDLY trading and the stock price?

It looks like the increase is a case of mistaken identity. While Medley Management doesn’t have any news related to the increase, Medley Capital (NYSE:MCC) is a different story. The company announced a $156.4 million Membership Interest Purchase Agreement after markets closed on Friday.

It may seem silly that investors would make such a simple mistake but this is far from the first time confusion has resulted in boosts to unrelated stocks. A similar incident occurred early this year when investors mixed up Zoom Video Communications (NASDAQ:ZM) and Zoom Technologies (OTCMKTS:ZOOM).

MDLY stock was up 160.5% as of Monday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/medley-management-stock-soaring-higher/.

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