Why Is Altisource Asset Management (AAMC) Stock Down 66% Today?

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  • Altisource Asset Management (AAMC) stock is falling alongside its second-quarter earnings report.
  • The company’s losses for the quarter widened year-over-year (YOY).
  • That’s despite the company’s revenue experiencing a strong increase.
AAMC Stock - Why Is Altisource Asset Management (AAMC) Stock Down 66% Today?

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Altisource Asset Management (NYSEMKT:AAMC) stock is taking a beating on Tuesday after releasing its earnings report for the second quarter of 2023.

That report includes EPS of -$2.16 for the second quarter of the year. Investors aren’t pleased with that, as it’s wider than the -$2 per share reported in the same period of the year prior.

That’s despite Altisource reporting revenue of $1.92 million in its latest earnings report. This is a major increase over the $533,000 reported in the second quarter of 2022.

Altisource Asset Management also notes that it has received positive news concerning its ongoing lawsuit against Blackrock (NYSE:BLK) and PIMCO. A court-appointed Staff Master is recommending that the company’s tort and CICO damage claims are able to proceed to a U.S. Virgin Islands court.

Charlie Frischer, Board Director for Altisource Asset Management, said the following in the earnings report:

“We are pleased with the recent developments regarding our court cases […] Our current operations with the lending group are being assessed by the Board of Directors to determine the best way to achieve the efficiencies needed for a capital light approach to lending and investing.”

AAMC Stock Movement

Following this mixed earnings report, AAMC stock is seeing 128,000 shares change hands this morning. That’s already well above its daily average trading volume of about 34,000 shares.

With this comes a 66.4% drop for AAMC stock on Tuesday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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