RTTNews | Aug 3, 2021 12:01PM EDT

12:00 Tuesday, August 3, 2021 (RTTNews.com) - California-based mortgage service company, LoanDepot Inc (LDI) is trading 14% lower on Tuesday after a poor second quarter report. The shares are at their lowest since the company got listed in February.

The net income was $26.28 million or $0.07 per share, a massive drop from $648.59 million last year.

Excluding special items, the income was $57.50 million or $0.18, down from $491.53 million last year. Twelve analysts polled by Thomson Reuters estimated the earnings to be $0.54 for the quarter.

The revenue also dropped to $779.91 million, from $1.15 billion in 2020. On an adjusted basis, the revenue was $825.33, down from $1.15 billion. Nine analysts estimated the revenue to be $975.22 million.

The value of the shares have dropped almost 60% since its listing and are at the lowest.

The shares are currently trading at $9.07, down $1.52 or 14.35% since their previous close at $10.59 on Monday. The shares opened at $9.65 and in the 52-week period, the shares have ranged between $8.63 and $39.85.

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