The Moelis (ASX:MOE) share price is up today. Here’s why

The Moelis Australia Ltd (ASX: MOE) share price shot up 6.7% to $4.80 in strong trading this morning. This comes after the financial services company released its results for the full 2020 financial year.

The Moelis share price has retreated somewhat this afternoon and is trading at $4.70 at the time of writing, up 2.84%. Let’s take a look.

What did Moelis Australia report?

In today’s ASX release, Moelis Australia announced a 4.7% decrease in its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to $60.5 million.

The company incurred a 5% increase in expenses, including $3 million in one-off costs due to the impacts of COVID-19, and investment in platform capabilities.

Assets under management…