Zacks Investment Research Downgrades loanDepot (NYSE:LDI) to Sell

loanDepot (NYSE:LDI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “loanDepot Inc. provides mortgage and non-mortgage loan products. The Company offers consumer credit products to customers, ranging from home loans to unsecured personal loans. loanDepot Inc. is based in CA, United States. “

Other equities research analysts also recently issued reports about the stock. Rowe started coverage on shares of loanDepot in a research note on Tuesday, March 9th. They issued a “buy” rating and a $25.00 target price for the company. Raymond James cut their target price on shares of loanDepot from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, May 4th. Citigroup initiated coverage on shares of loanDepot in a research report on Tuesday, March 9th. They set a “buy” rating and a $25.00 price objective for the company. Morgan Stanley cut their price objective on shares of loanDepot from $21.00 to $14.00 and set an “equal weight” rating for the company in a research report on Friday, May 28th. Finally, JMP Securities initiated coverage on shares of loanDepot in a research report on Tuesday, March 9th. They set an “outperform” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. loanDepot currently has an average rating of “Buy” and an average price target of $23.08.

LDI opened at $13.67 on Wednesday. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.12 and a quick ratio of 1.12. loanDepot has a 12 month low of $12.05 and a 12 month high of $39.85. The company has a fifty day moving average price of $17.25.

loanDepot (NYSE:LDI) last released its quarterly earnings data on Sunday, May 2nd. The company reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.41. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.02 billion. The business’s quarterly revenue was up 170.7% on a year-over-year basis. As a group, sell-side analysts forecast that loanDepot will post 2.55 earnings per share for the current fiscal year.

In related news, CAO Nicole Carrillo sold 11,867 shares of loanDepot stock in a transaction that occurred on Tuesday, June 8th. The shares were sold at an average price of $13.87, for a total value of $164,595.29. Following the transaction, the chief accounting officer now directly owns 18,688 shares of the company’s stock, valued at $259,202.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

A number of institutional investors have recently modified their holdings of LDI. Rokos Capital Management LLP acquired a new stake in loanDepot in the first quarter valued at approximately $1,955,000. HBK Investments L P acquired a new position in shares of loanDepot during the first quarter worth $1,994,000. Woodline Partners LP acquired a new position in shares of loanDepot during the first quarter worth $1,485,000. Morgan Stanley acquired a new position in shares of loanDepot during the first quarter worth $1,050,000. Finally, Teacher Retirement System of Texas acquired a new position in loanDepot in the first quarter valued at $997,000. Hedge funds and other institutional investors own 0.33% of the company’s stock.

About loanDepot

loanDepot, Inc engages in the origination and servicing of conventional and government mortgage loans in the United States. It offers conventional agency-conforming and prime jumbo, home equity, Federal Housing Administration, and VA loans. The company 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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