loanDepot, Inc. (LDI) stock rallied in the intraday trading session today following the announcement of third-quarter 2021 financial results. LDI stock price saw a push of 17.46% to reach $7.67 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 0.91% with a $6.56 per share price. Let’s dig in to understand more about this stock.
Operational Results of LDI stock:
- LDI stock reported a rate lock volume of $43.7 billion in the third quarter of 2021. The company generated $923.8 million in revenue in the reported quarter, which is $143.8 million, or 18% higher as compared to the previous quarter.
- LDI stock reported $32.0 billion in loan originating volume for the third quarter of 2021, $2.5 billion or 7% lesser than the previous quarter.
- $11.0 billion of purchase loan and $21.0 billion of refinance loan originations have been delivered by the LDI stock during the third quarter of 2021.
- LoanDepot stock recorded $154.3 million net income in the third quarter of 2021. This compares to $26.3 million in the same tenure of the previous year. The increase in rate lock volume and increased sale margin contributed to the rise in the net income.
- Adjusted EBITDA for the LDI stock reached $238.3 million in the third quarter of 2021 as compared to $109.3 million in the previous quarter.
- LoanDepot stock spent $4.6 million for total expenses in the third quarter of 2021. Expenses decreased by 1% for the reported quarter from the second quarter of 2021. The decrease is primarily attributable to lower personnel expenses.
- By the end of the third quarter of 2021, LDI stock had $506,608 thousand in cash and cash equivalents.
Other Developments of LDI stock:
- LoanDepot paid a $0.08 per share cash dividend to the shareholders on October 18, 2021. The dividend was paid to the shareholders on the record date of October 4, 2021.
- As of September 30, 2021, the company’s servicing portfolio reached $145.3 billion in unpaid principal balance in the third quarter of 2021. This owes to the effective marketing efforts of the company.
- The visitors to the company’s website significantly increased by 16% during the third quarter of 2021 from the same quarter of the last year.
- loanDepot served 100 veterans in the WHOW sport fishing tournament and raised $1.4 million for WHOW’s philanthropic partner, Freedom Alliance.
Investors are responding positively to the announcement of the third-quarter 2021 financial results of the LDI stock. The stock has gained almost 10% in the last 30 days and lost 62% in the last six months.