loanDepot (NYSE:LDI) Trading 7.3% Higher - Here's What Happened

Key Points

• loanDepot's share price rose by 7.3% on Wednesday, trading as high as $3.16, after previously closing at $2.93.
• Analysts have varied opinions on loanDepot, with ratings ranging from "neutral" to "sell", and a consensus price target of $2.30.
• CEO Anthony Li Hsieh sold over 3 million shares last month, reducing his ownership by 39.36%, while insiders have sold 14.4 million shares in the past ninety days.

loanDepot, Inc. (NYSE:LDI - Get Free Report)'s share price traded up 7.3% on Wednesday . The stock traded as high as $3.16 and last traded at $3.15. 3,025,977 shares were traded during mid-day trading, a decline of 8% from the average session volume of 3,271,634 shares. The stock had previously closed at $2.93.

Analyst Upgrades and Downgrades

Several analysts recently commented on LDI shares. BTIG Research reiterated a "neutral" rating on shares of loanDepot in a research report on Wednesday, September 10th. UBS Group raised their target price on loanDepot from $1.40 to $1.90 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of loanDepot in a research note on Wednesday. Finally, Wall Street Zen cut shares of loanDepot from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, loanDepot presently has an average rating of "Reduce" and a consensus price target of $2.30.

loanDepot Stock Performance

The firm's 50-day moving average is $2.65 and its 200 day moving average is $1.78. The company has a debt-to-equity ratio of 6.71, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $1.06 billion, a PE ratio of -9.74 and a beta of 3.45.

Insider Activity

In other loanDepot news, CEO Anthony Li Hsieh sold 3,046,005 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $2.64, for a total value of $8,041,453.20. Following the completion of the transaction, the chief executive officer owned 4,693,712 shares in the company, valued at approximately $12,391,399.68. This represents a 39.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 14,470,160 shares of company stock worth $40,335,701. Corporate insiders own 83.04% of the company's stock.

Institutional Investors Weigh In On loanDepot

Several hedge funds have recently modified their holdings of the stock. Continental Advisors LLC purchased a new stake in loanDepot during the second quarter worth approximately $656,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of loanDepot during the 2nd quarter valued at approximately $57,000. Cerity Partners LLC bought a new position in loanDepot during the 2nd quarter valued at $116,000. Invesco Ltd. lifted its holdings in loanDepot by 204.1% during the 2nd quarter. Invesco Ltd. now owns 111,245 shares of the company's stock worth $141,000 after buying an additional 74,669 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new position in loanDepot during the second quarter worth $98,000. 39.39% of the stock is owned by institutional investors and hedge funds.

About loanDepot

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.

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