Horizon Kinetics Q2 Loss Widens to $18.4M as Mutual Fund Revenue Slides 17%
HKHC sits 22% above its 52-week low of $22.51.
Summary
Horizon Kinetics reported a Q2 net loss of $18.4 million, or $0.99 per share, widening from the prior year on a 17% decline in mutual fund revenue. Total revenue was flat at $19 million, with ETF revenue up 30% and separately managed accounts up 8.6%, but those gains were offset by the mutual fund weakness. Assets under management rose 12.1% year-to-date, driven by TPL holdings, yet the company provided no guidance. This follows a strong Q1 that benefited from investment gains, making the Q2 loss a notable reversal. The mutual fund revenue decline is the key driver to watch in coming quarters.
At the time of this announcement, HKHC was trading at $27.36 on OTC in the Finance sector, with a market capitalization of approximately $509.9M. The 52-week trading range was $22.51 to $44.50. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.