Houlihan Lokey, Inc. reported an insider transaction involving its general counsel, Christopher M. Crain, who sold 500 shares of Class A Common Stock on April 1, 2026. The shares were disposed of at $143.40 apiece, producing proceeds of $71,700.
On the same date, Crain executed a conversion of 500 shares of Class B Common Stock into 500 shares of Class A Common Stock. The conversion was recorded at a price per share of $0, yielding a nominal total value of $0 for that specific conversion entry.
Following these actions, Crain holds no Class A Common Stock directly. He continues to have indirect exposure to Class B Common Stock, however, through the HL Voting Trust, where his indirect holdings are 51,238 shares of Class B Common Stock.
At the time of the sale, Houlihan Lokey shares were trading at $141.32, which the company notes is close to the 52-week low of $134.41. The stock has declined by 29% over the past six months, a trend that frames the insider activity.
Independent analysis cited by market services indicates that HLI may be undervalued at current price levels. According to InvestingPro analysis referenced in company reporting, the firm carries a Piotroski Score of 9, a metric that signals strong financial health under that scoring methodology. The company has also increased its dividend for 11 consecutive years, a streak noted in the analysis.
In separate corporate developments, Houlihan Lokey released its fiscal third-quarter results for 2026. The company posted adjusted earnings per share of $1.94, topping analyst expectations of $1.88. Revenue for the quarter reached $717 million, exceeding the forecasted $696.65 million.
Additionally, Houlihan Lokey filed a prospectus supplement with the Securities and Exchange Commission that contemplates the potential resale of up to 32,421 shares of its Class A common stock. That filing specifically includes shares that may be issued to former members of Waller Helms Advisors LLC upon conversion of Class B shares.
These disclosures outline the company’s recent financial performance, an insider sale and conversion, and a filing that could introduce additional Class A shares to the market. The documentation leaves clear the current ownership structure for Crain and the company’s recent operating results without indicating any new guidance or forward-looking commitments.