Truist Financial Issues Positive Forecast for LendingTree (NASDAQ:TREE) Stock Price

Key Points

• Truist Financial has increased its target price for LendingTree (NASDAQ:TREE) from $60.00 to $62.00, indicating a potential upside of 25.33% from the current stock price.
• Other firms, such as Needham & Company and Wall Street Zen, have also upgraded LendingTree's status to "buy," with average price targets suggesting further growth potential.
• LendingTree's recent quarterly earnings surpassed expectations, reporting $1.13 earnings per share and 19% year-over-year revenue growth, reflecting a positive outlook for its financial performance.

LendingTree (NASDAQ:TREE - Get Free Report) had its target price raised by Truist Financial from $60.00 to $62.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's target price indicates a potential upside of 25.33% from the company's current price.

A number of other research firms have also recently weighed in on TREE. Needham & Company LLC lifted their price target on LendingTree from $62.00 to $70.00 and gave the company a "buy" rating in a report on Friday. Wall Street Zen raised LendingTree from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, LendingTree currently has a consensus rating of "Buy" and an average price target of $65.38.

LendingTree Stock Performance

TREE opened at $49.47 on Monday. The business's 50 day moving average is $38.42 and its 200-day moving average is $42.50. The stock has a market cap of $669.33 million, a PE ratio of -12.18 and a beta of 1.58. The company has a current ratio of 1.22, a quick ratio of 1.20 and a debt-to-equity ratio of 3.26. LendingTree has a twelve month low of $33.50 and a twelve month high of $62.49.

LendingTree (NASDAQ:TREE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. The company had revenue of $250.10 million for the quarter, compared to analysts' expectations of $244.03 million. LendingTree had a positive return on equity of 25.79% and a negative net margin of 5.33%. The business's revenue for the quarter was up 19.0% on a year-over-year basis. On average, analysts predict that LendingTree will post 0.48 earnings per share for the current year.

Insider Activity at LendingTree

In other news, General Counsel Heather Enlow-Novitsky sold 1,250 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $36.24, for a total value of $45,300.00. Following the completion of the sale, the general counsel owned 2,028 shares of the company's stock, valued at $73,494.72. This trade represents a 38.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 23.40% of the stock is currently owned by company insiders.

Institutional Trading of LendingTree

Several hedge funds and other institutional investors have recently modified their holdings of TREE. Nuveen LLC acquired a new stake in shares of LendingTree in the first quarter worth $11,603,000. Harbor Capital Advisors Inc. purchased a new position in shares of LendingTree during the 2nd quarter valued at $7,337,000. Squarepoint Ops LLC grew its holdings in shares of LendingTree by 2,074.7% during the 4th quarter. Squarepoint Ops LLC now owns 107,998 shares of the financial services provider's stock valued at $4,185,000 after acquiring an additional 103,032 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of LendingTree by 127.2% during the 4th quarter. Cubist Systematic Strategies LLC now owns 166,575 shares of the financial services provider's stock valued at $6,455,000 after acquiring an additional 93,244 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of LendingTree during the 2nd quarter valued at $3,254,000. Institutional investors and hedge funds own 68.26% of the company's stock.

About LendingTree

LendingTree, Inc, through its subsidiary, operates online consumer platform in the United States. It operates through three segments: Home, Consumer, and Insurance. The Home segment offers purchase mortgage, refinance mortgage, and home equity loans and lines of credit; and real estate brokerage services.

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.