loanDepot (NYSE:LDI) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• loanDepot shares experienced a significant trading volume surge, with approximately 2.77 million shares traded, a 39% increase compared to the previous session.
• Recent analyst ratings reflect mixed sentiments, with UBS raising the price target to $1.90 while Wall Street Zen downgraded the stock from "hold" to "sell," resulting in a consensus rating of "Reduce."
• CEO Anthony Li Hsieh sold over 3 million shares at an average price of $2.64, decreasing his ownership stake by nearly 39% in the company.

Shares of loanDepot, Inc. (NYSE:LDI - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 2,768,451 shares changed hands during trading, an increase of 39% from the previous session's volume of 1,987,908 shares.The stock last traded at $3.82 and had previously closed at $3.51.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LDI shares. UBS Group boosted their price objective on loanDepot from $1.40 to $1.90 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Wall Street Zen downgraded loanDepot from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Finally, BTIG Research restated a "neutral" rating on shares of loanDepot in a research report on Wednesday. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $2.30.

loanDepot Price Performance

The company has a debt-to-equity ratio of 6.71, a current ratio of 1.18 and a quick ratio of 1.18. The stock's fifty day simple moving average is $1.92 and its 200-day simple moving average is $1.51. The company has a market capitalization of $1.38 billion, a P/E ratio of -12.61 and a beta of 3.38.

Insider Activity at loanDepot

In other news, CEO Anthony Li Hsieh sold 3,046,005 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $2.64, for a total transaction of $8,041,453.20. Following the completion of the sale, the chief executive officer owned 4,693,712 shares of the company's stock, valued at approximately $12,391,399.68. This trade represents a 39.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeff Alexander Walsh sold 70,000 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $2.03, for a total transaction of $142,100.00. Following the sale, the insider directly owned 4,001,502 shares of the company's stock, valued at approximately $8,123,049.06. The trade was a 1.72% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,676,448 shares of company stock valued at $21,710,137. Company insiders own 78.05% of the company's stock.

Institutional Trading of loanDepot

A number of institutional investors have recently bought and sold shares of LDI. Philosophy Capital Management LLC grew its holdings in loanDepot by 73.3% during the 1st quarter. Philosophy Capital Management LLC now owns 4,141,164 shares of the company's stock worth $4,928,000 after acquiring an additional 1,751,245 shares during the period. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of loanDepot during the first quarter worth $1,469,000. Geode Capital Management LLC boosted its position in shares of loanDepot by 134.4% during the second quarter. Geode Capital Management LLC now owns 1,925,712 shares of the company's stock worth $2,446,000 after purchasing an additional 1,104,021 shares in the last quarter. Tidal Investments LLC bought a new position in shares of loanDepot during the fourth quarter worth $1,691,000. Finally, Charles Schwab Investment Management Inc. lifted its position in loanDepot by 1,671.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 655,137 shares of the company's stock valued at $780,000 after acquiring an additional 618,153 shares in the last quarter. Institutional investors and hedge funds own 39.39% of the company's stock.

loanDepot Company Profile

loanDepot, Inc engages in originating, financing, selling, and servicing residential mortgage loans in the United States. The company offers conventional agency-conforming and prime jumbo, federal assistance residential mortgage, and home equity loans. It also provides settlement services, which include captive title and escrow business; real estate services that cover captive real estate referral business; and insurance services, including services to homeowners, as well as other consumer insurance policies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.