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NEW LOANS:   | 7970.eth 0.349 Ξ | 8033.eth 0.349 Ξ | 5033.eth 0.349 Ξ | ALL

LC Stock Does 5 for 1 Reverse Split

Started by Peter, July 08, 2019, 11:00:00 PM

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Rob L

As of yesterday 7/8/2019 LC implemented a 5 for 1 reverse stock split.
Owners now have one fifth the number of shares they owned the previous day.
The current price is $15.25 per share which would equal $3.05 per share (pre-reverse).

Might be a good thing as I seem to remember that many large mutual funds have rules against holding stock priced less that $10.00. I've been a bit more positive on the company since they announced they were moving 350 jobs to Utah. A much needed step in the right direction.


Well, for whatever reason they did a reverse 5:1 split; taking the shares above $10.
Certainly agree about making a profit! they aren't Amazon" alt=":)" title="Smiley" class="smiley" />
For the record I don't own their shares and can't imagine I ever will (again).


Fred, what do you mean profits? They make loans for less than a bank and will take over 😂



Since they have no earnings then by definition they have no multiple; right?


Right. The dashes below are MINUS signs.

LC Earnings...
2015 -$0.05 / share
2016 -$1.90 / share
2017 -$1.90 / share
2018 -$1.50 / share

2019Q1 -$0.25 / share
2019Q2 -$0.12 / share

Trailing 4 quarters total -$0.77 / share

The IPO provided them with lots of cash, which they have been slowly using, leaving the balance sheet still in pretty good shape.


Today 10/2/2019 was another bad day for the overall stock market and even worse for LC. LC clocked in at another lifetime closing low of $11.91; down another -4.57%. It's is now at $2.382 per share pre-split. The Dow was down -494 or -1.86% so it was pretty bad all around. KRE was down -1.24%. Last May Jim Chanos announced he was short LC but declined to say at that time if he still held the position; he did not like the business model.

Given the dramatic movements of the past couple of weeks I think I'll wait a while to compute LC's multiple (of anything greater than zero). No doubt I'll miss the bottom whenever it occurs" alt=":)" title="Smiley" class="smiley" />

And yes, their IPO provided them a lot of cash. The stock traded as high as $146.45 the week after the IPO in December 2014. If my chart is correct the stock opening IPO price was $123.75 (split adjusted) or $24.75 pre-split.

NEW LOANS:   | 7970.eth 0.349 Ξ | 8033.eth 0.349 Ξ | 5033.eth 0.349 Ξ | ALL