loanDepot (NYSE:LDI) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded loanDepot to “Strong Sell” from “Hold.” MarketBeat reports the overall analyst consensus is also “Strong Sell,” with four Sell ratings and one Hold.
• The stock opened at $0.44, near its one-year low, while analysts’ average price target is $1.38.
• CEO Anthony Hsieh bought 60,208 shares at an average of $0.92 each; insiders own 65.9% of the company’s stock.

loanDepot (NYSE:LDI - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Wednesday, Zacks reports.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group set a $1.00 price target on loanDepot in a research report on Monday, August 10th. Weiss Ratings lowered loanDepot from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday. Wall Street Zen cut loanDepot from a "hold" rating to a "sell" rating in a research note on Saturday, October 31st. Finally, Bank of America restated an "underperform" rating on shares of loanDepot in a report on Tuesday. One analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Strong Sell" and an average target price of $1.38.

loanDepot Stock Performance

LDI stock opened at $0.44 on Wednesday. loanDepot has a 1-year low of $0.44 and a 1-year high of $3.24. The company has a current ratio of 1.09, a quick ratio of 1.11 and a debt-to-equity ratio of 11.32. The firm has a market cap of $149.99 million, a PE ratio of -1.23 and a beta of 3.56. The business's 50-day moving average price is $0.64 and its two-hundred day moving average price is $1.21.

Insider Buying and Selling

In other news, CEO Anthony Hsieh purchased 60,208 shares of loanDepot stock in a transaction on Tuesday, September 1st. The stock was purchased at an average price of $0.92 per share, with a total value of $55,391.36. Following the transaction, the chief executive officer directly owned 1,000,000 shares in the company, valued at $920,000. The trade was a 6.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In the last quarter, insiders purchased 1,000,000 shares of company stock valued at $911,936. Insiders own 65.90% of the company's stock.

Institutional Trading of loanDepot

A number of hedge funds and other institutional investors have recently made changes to their positions in LDI. Lazard Asset Management LLC bought a new stake in shares of loanDepot in the first quarter worth $1,318,000. Wasatch Advisors LP grew its position in loanDepot by 36.2% in the second quarter. Wasatch Advisors LP now owns 2,296,300 shares of the company's stock valued at $2,870,000 after purchasing an additional 609,893 shares in the last quarter. Renaissance Technologies LLC grew its position in loanDepot by 192.4% in the first quarter. Renaissance Technologies LLC now owns 819,800 shares of the company's stock valued at $1,164,000 after purchasing an additional 539,452 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in loanDepot by 258.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 579,252 shares of the company's stock valued at $822,000 after buying an additional 417,576 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in loanDepot in the 2nd quarter valued at $359,000. 39.39% of the stock is currently owned by institutional investors and hedge funds.

About loanDepot

loanDepot, Inc. is a U.S.-based mortgage lender that provides home loans to consumers. Its offerings include mortgages for home purchases and refinancing, delivered through its retail branches and digital channels. The company also works with mortgage brokers and other lending partners and provides mortgage servicing. Its technology platform supports the application and loan-management process. Founded in 2010 by mortgage entrepreneur Anthony Hsieh, loanDepot serves customers across the United States.

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