LoanDepot Stockholder Randian Capital Urges Board to Explore Potential Sale
LoanDepot (LDI) activist investor Randian Capital said Wednesday that the mortgage company should explore strategic alternatives, including a possible sale, to address prolonged stock underperformance.Randian, which said it has "economic exposure" to more than 250,000 LoanDepot shares, noted that the stock has declined by more than 90% since its 2021 initial public offering."Many competitors have adapted their cost structures and strategic positioning," Randian said in a letter to the board. "LoanDepot has yet to demonstrate a sustainable path to restoring shareholder value."Randian said the LoanDepot is potentially worth "significantly more" than its current value in a sale, adding that the company's mortgage servicing rights portfolio may command a premium valuation in a strategic transaction.LoanDepot did not immediately respond to a request for comment from.Price: $1.15, Change: $+0.02, Percent Change: +2.23%
