Merchants Bancorp

MBIN has shifted into a Stage 3 distribution phase after its recent peak, with price forming lower highs and lower lows beneath declining short-term EMAs. Breakdown below the 20EMA and approaching the 50SMA on elevated volume confirms persistent supply dominance. Short-term momentum is negative—price is extended below key EMAs and RSI has trended downward—favoring immediate sell-side participation despite the longer-term uptrend.

• ↑Q2 net income $78.3M (+106% YoY) and EPS $1.48 beat forecasts.
• ↑Analysts raised FY26 EPS estimates from $5.21 to $5.58 on upgrades.
• ↓GF Value $42.68 vs market $54.28 implies ~27% overvaluation.