LoanDepot (NYSE:LDI) stock is soaring higher on Monday thanks to recent earnings news from the mortgage company.
Let’s jump into the company’s earnings report for the third quarter of 2021 below to see what has investors excited today!
- Let’s start off with the company’s adjusted earnings per share of 46 cents.
- That’s a positive for LDI stock as it comes in above Wall Street’s estimate of 39 cents.
- Next up we have to consider the company’s revenue of $923.76 million.
- Yet again, that’s better than analysts’ revenue estimate of $881.66 million.
- Even if it’s down from loanDepot’s revenue of $1.37 billion from the same period of the year prior.
Anthony Hsieh, founder and CEO of loanDepot, said the following in the earnings report boosting LDI stock today.
‘The third quarter proved to be another strong milestone in market share growth, increasing to 3.5% from 2.4% during the same quarter last year. Our growing brand, proprietary mello tech stack, diversified channel strategy–which is the industry’s only at-scale model of this type–and the hard work and enthusiasm of our talented employees delivered higher revenues, higher earnings, and higher earnings per share.”
The strong earnings from loanDepot bring with them heavy trading of LDI stock. As of this writing, more than 5 million shares of the stock have changed hands. That’s quite the increase over the company’s daily average trading volume of 385,000 shares.
LDI stock is up 26.6% as of Monday afternoon.
There’s more stock market news to dive into below!
We’ve got traders covered with the latest stock market happenings for Monday. That includes why shares of movie stocks are rising, Plug Power (NASDAQ:PLUG) stock forecasts, as well as Novavax (NASDAQ:NVAX) jumping on vaccine news. You can find all of that from the following links!
More Stock Market News for Monday
- Movie Stocks: What’s Going on With AMC, CNK, IMAX, CNNWF, CPXGF and NCMI Today?
- Plug Power Stock Forecast: Where the Pros Think PLUG Could Go
- NVAX Stock Shoots Higher Thanks to Global Progress on Its Covid-19 Vaccine
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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