loanDepot (NYSE:LDI) Shares Gap Down - Here's What Happened

Key Points

• loanDepot's stock gapped down from $1.74 to $1.63 before the market opened, currently trading at $1.68 with significant volume of over 1 million shares.
• UBS Group raised loanDepot's price target from $1.25 to $1.40, maintaining a "neutral" rating on the stock.
• The company's latest earnings report showed a loss of ($0.15) EPS, missing estimates, with analysts forecasting a further decline to -0.23 EPS for the current year.

loanDepot, Inc. (NYSE:LDI - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $1.74, but opened at $1.63. loanDepot shares last traded at $1.68, with a volume of 1,082,839 shares changing hands.

Analyst Ratings Changes

Separately, UBS Group raised their price target on shares of loanDepot from $1.25 to $1.40 and gave the company a "neutral" rating in a report on Wednesday, July 16th.

loanDepot Price Performance

The firm has a market cap of $598.79 million, a PE ratio of -5.47 and a beta of 3.35. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 6.48. The stock has a 50 day moving average price of $1.52 and a two-hundred day moving average price of $1.42.

Insider Buying and Selling

In related news, insider Jeff Alexander Walsh sold 37,514 shares of loanDepot stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $2.00, for a total value of $75,028.00. Following the completion of the sale, the insider directly owned 4,103,237 shares in the company, valued at $8,206,474. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anthony Li Hsieh sold 267,326 shares of loanDepot stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $2.01, for a total transaction of $537,325.26. Following the completion of the sale, the chief executive officer owned 9,072,771 shares of the company's stock, valued at $18,236,269.71. This trade represents a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,182,412 shares of company stock valued at $2,381,655 over the last quarter. 83.04% of the stock is owned by company insiders.

Institutional Trading of loanDepot

A number of institutional investors have recently bought and sold shares of LDI. Philosophy Capital Management LLC boosted its stake in loanDepot by 73.3% in the 1st quarter. Philosophy Capital Management LLC now owns 4,141,164 shares of the company's stock worth $4,928,000 after purchasing an additional 1,751,245 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in loanDepot in the 1st quarter worth approximately $1,469,000. Geode Capital Management LLC boosted its stake in loanDepot by 134.4% in the 2nd 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 acquired a new stake in loanDepot in the 4th quarter worth approximately $1,691,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in loanDepot by 1,671.4% during 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 during the period. 39.39% of the stock is currently owned by institutional investors and hedge funds.

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.