Anthony Hsieh, a director and significant shareholder of loanDepot, Inc. (NYSE:LDI), has recently sold a substantial portion of his holdings in the company. According to a recent filing, Hsieh sold a total of 269,831 shares of Class A Common Stock over two days. The transactions took place on November 14 and 15, 2024, with stock prices ranging from $2.47 to $2.52 per share. The total value of these sales amounted to approximately $673,786.
Following these transactions, Hsieh holds 7,210,129 shares indirectly through the JLSSAA Trust, where he has voting and investment power. Additionally, he retains direct ownership of 73,781 shares. These transactions highlight Hsieh’s ongoing management of his investment in loanDepot, a leading player in the finance services industry.
In other recent news, loanDepot reported a significant turnaround in Q3 2024, marking a return to profitability with an adjusted net income of $7 million, a recovery from a $29 million loss in Q3 2023. The mortgage lender saw a 19% increase in pull-through weighted rate lock volume to $6.7 billion and adjusted total revenue reached $320 million, up from $261 million year-over-year. CEO Frank Martell introduced Project North Star, a strategic initiative aimed at sustaining revenue growth and enhancing customer experiences.
loanDepot ended Q3 with $483 million in cash, prepared for market opportunities as the housing market shows signs of recovery. Project North Star aims for durable revenue growth and operational efficiency. CFO David Hayes projected Q4 2024 pull-through weighted lock volume between $5.5 billion and $7.5 billion. The company anticipates origination volume for Q4 2024 between $6 billion and $8 billion.
Despite the positive developments, the company faced increased expenses due to higher commissions, marketing, and overtime costs. However, loanDepot’s third-quarter performance indicates a positive shift in the company’s financial health and strategic direction. These are recent developments that signal a recovery in the housing market and a promising future for loanDepot.
InvestingPro Insights
Anthony Hsieh’s recent sale of loanDepot, Inc. (NYSE:LDI) shares comes at a time when the company’s stock has shown mixed performance. According to InvestingPro data, LDI has experienced a strong return of 13.62% over the last month, despite a significant 13.88% drop in the past week. This volatility aligns with an InvestingPro Tip indicating that the stock generally trades with…
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