Needham & Company Remains Sidelined on On Deck Capital (ONDK) Following 2Q
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Needham & Company maintained a Hold rating on On Deck Capital (NYSE: ONDK) following the company's 2Q earnings report. 2Q revenue rose 10% Y/Y to $69.5M, above the consensus estimates of $67.8M. Management introduced 3Q revenue guidance of $73-76M compared to consensus' $74.8M.
Analyst Mayank Tandon commented, "After the rough start to FY16, management delivered stable results for 2Q, coming in above estimates, and also bumped up the guidance for the full year. Strong growth in loan originations drove the upside results, partially offset by a lower effective yield and lower volume of loans sold through the more profitable Marketplace channel. Management bumped up the revenue and adjusted EBITDA guidance for FY16 and introduced 3Q guidance that is in-line with consensus. Even though we are encouraged by the relative stability of the results and guidance, we are recommending investors wait on the sidelines pending improved clarity on ONDK’s sustainable growth prospects and path to profitability. We maintain our Hold rating."
Shares of On Deck Capital closed at $5.16 yesterday.
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