loanDepot (NYSE:LDI) Upgraded at Zacks Research

Zacks Research upgraded shares of loanDepot (NYSE:LDI) from a strong sell rating to a hold rating in a research note issued to investors on Monday,Zacks reports.

Several other research firms have also commented on LDI. Weiss Ratings reissued a “sell (d-)” rating on shares of loanDepot in a research note on Friday, July 17th. Wall Street Zen raised shares of loanDepot from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, The Goldman Sachs Group set a $1.00 target price on shares of loanDepot in a report on Monday, August 10th. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $1.92.

loanDepot Stock Performance

Shares of loanDepot stock opened at $0.62 on Monday. The stock has a market capitalization of $208.43 million, a price-to-earnings ratio of -2.06 and a beta of 3.45. The company has a debt-to-equity ratio of 10.60, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50-day moving average of $0.83 and a 200 day moving average of $1.13. loanDepot has a 12 month low of $0.57 and a 12 month high of $3.80.

Insiders Place Their Bets

In related news, CEO Anthony Hsieh purchased 60,208 shares of loanDepot stock in a transaction on Tuesday, September 1st. The shares were bought at an average price of $0.92 per share, with a total value of $55,391.36. Following the transaction, the chief executive officer directly owned 1,000,000 shares of the company’s stock, valued at approximately $920,000. This trade represents a 6.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders bought 1,000,000 shares of company stock worth $911,936. 65.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On loanDepot

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC purchased a new stake in shares of loanDepot in the 1st quarter valued at approximately $1,318,000. Wasatch Advisors LP lifted its position in shares of loanDepot by 36.2% during the 2nd quarter. Wasatch Advisors LP now owns 2,296,300 shares of the company’s stock worth $2,870,000 after purchasing an additional 609,893 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of loanDepot by 192.4% during the 1st quarter. Renaissance Technologies LLC now owns 819,800 shares of the company’s stock worth $1,164,000 after purchasing an additional 539,452 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of loanDepot by 258.3% during the first quarter. Dimensional Fund Advisors LP now owns 579,252 shares of the company’s stock worth $822,000 after purchasing an additional 417,576 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of loanDepot during the second quarter worth $359,000. Hedge funds and other institutional investors own 39.39% of the company’s stock.

About loanDepot

loanDepot, Inc (NYSE: LDI) is a U.S.-based mortgage lending company that provides home financing through digital and traditional channels. Its primary business includes originating purchase mortgages, refinance loans and other residential lending products for consumers buying, refinancing or accessing equity in their homes.

The company operates a technology-enabled lending platform designed to simplify the mortgage application and underwriting process. loanDepot also provides related services, including mortgage servicing and support for borrowers throughout the life of their loans.