Liquidity Services dives on two-notch BofA/Merrill downgrade

Easy come, easy go: Less than a month after giving Liquidity Services (LQDT -9.6%) a two-notch upgrade to Buy from Underperform, BofA/Merrill's Nat Schindler has done the opposite.

Schindler observes Liquidity  reported Sep. gross merchandise volume (GMV) of $77M, -11% Y/Y. Though that figure means the salvage auction site had FQ4 (Sep. quarter) GMV of $250M (in-line with BofA/Merrill's estimate), Schindler was expecting a return to positive growth following increases of 7.1% and 14.5% in July and August.

Liquidity previously forecast FQ4 GMV of $200M-$225M. Shares -28% YTD and not far removed from a 52-week low of $27.26.

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