Jefferies Cuts Price Target on On Deck Capital (ONDK) Following 3Q Miss

November 4, 2016 9:35 AM EDT
Get Alerts ONDK Hot Sheet
Price: $4.89 +0.20%

Rating Summary:
    5 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Jefferies maintained a Hold rating on On Deck Capital (NYSE: ONDK), and cut the price target to $5.40 (from $6.50), following the company's 3Q earnings report. Gross revenue was up +15% Y/Y to $77.4MM vs. consensus estimates of $75.3MM and guidance of $73MM-$76MM. Operating net loss per share of ($0.18) was below Street’s ($0.17).

Analyst Brian Fitzgerald commented, "On Deck reported a mixed quarter with strong originations growth and record interest income offsetting a decline in gain on sale of loans. Mgmt reiterated full-year guidance but signs of macro headwinds and soft credit environment remain an ongoing concern. Lower gain-on-sale rates, higher funding costs going forward and higher loss provisions should continue to pressure net revenue in the near-term. We maintain our Hold."

For an analyst ratings summary and ratings history on On Deck Capital click here. For more ratings news on On Deck Capital click here.

Shares of On Deck Capital closed at $4.09 yesterday.

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