Larry Meyers, a PAID promoter of TAXI, James "the felon" Hickman, and Gordon "sidekick" Gossage are all censoring posts on this board. They are cowards and felons.
Medallion shares (ticker: TAXI) have fared much worse than the medallions, plunging from a recent peak of $17.74 in late November 2013 to $6.25, or roughly six times estimated earnings, and a mere 60% of book value. The dividend yield hit 15.7%. That might seem dangerously high, but Medallion’s president, Andrew Murstein, insists that the chances of cutting it are “slim to none.”
The selling seems overdone, amplifying Uber’s effect, and obscuring the rest of Medallion’s business. Alex Twerdahl, an analyst with Sandler O’Neill, has a Buy on the shares and a price target of $12. “Even with medallion values having declined, earnings haven’t been affected,” he wrote.
Analysts estimate Medallion’s earnings for this year will come in at almost $17 million, or $1.08 a share, on $45 million in sales, compared with $16 million, or $1.24, on $45 million in sales in 2016.
Total yellow-taxi cab ridership has declined, but it hasn’t plummeted. The number of rides slid 8%, to 165 million, in 2014, from a peak of 179 million in 2012, according to data from the TLC. That nicked yellow-cab revenue by just 1.7%, to $2.39 billion in 2014 from a peak of $2.43 billion in 2013. Indications are that 2015 revenue is flat to down slightly.
“Yellow cabs are simply not going to take the hit that the media would suggest,” says Matthew W. Daus, a partner of Windels Marx, a transportation law firm.
FEATURE Jack Willoughby
The emergence of Uber has hurt this lender’s stock. But the threat to the overall business is overhyped.
VERY strong article backing TAXI. Based on the low float and high short interest, this can have a PROFOUND effect come Monday. Would not be surprised to see a $1 jump
then why did one guy think they added $26M to the buyback? I thought they added $14M (the difference to what they had left and $26M).
It was intentionally misleading
they bought back about 1% of the outstanding shares. I would have liked to have seen 3X that amount. 1% barely keeps pace with stock option grants.
I just did the math based on the last 8K from 6/17 to the one from last night
on 6/17, they had $12,509,873 left on the $20M share repurchase.
they bought $1,601,349 worth and now have $16,908,349 left on $26M authorized repurchase. That means they added $6M to the repurchase as I stated last night.
The management here is shady. They purposely made it seem like they added more to the buyback than just $6M. $6M is not even worth mentioning especially if they are going to be buying back so slowly.
dude- stay off the boards. You have no idea what you are talking about and can't even read at a 2nd grade level
when they said they increased to $26M, we assumed it was from the remaining $10M+ or so left. They meant from $20M to $26M as $16M+ is now left. Kind of a misleading statement they put out. One guy even thought they increased by $26M when they only increased by $6M
- buyback is good at these prices
- puts a floor on the stock and reduces float
- means he shelf offering probably is for debt as some have stated
- doubt they would cut dividend
I've been negative here but may buy another lot based on this new news.