What Will it Take to Grow OnDeck’s Stock Price?
OnDeck closed at the exact same price on September 14th as it did on July 20th, $4.58. In between, OnDeck reported one of their best quarters ever (they released their 2nd quarter earnings on August 7th) and experienced a temporary boost to $5. Even then, the stock was 75% down from the IPO price and more than 80% down from their all-time high, yet that too couldn’t be sustained.
In Q2, OnDeck only had a GAAP net loss of $1.5 million and announced that they had expanded their collaboration with JPMorgan Chase for up to four years to provide the underlying technology supporting Chase’s online lending solution to its small business customers.
In the rest of the lending world, optimism is in style. Square is up 121% year-to-date, according to the deBanked Online Lender Tracker and even Lending Club is up 14%.
More traditional finance companies like American Express and Intuit are meanwhile hovering near their 52-week highs, according to the Specialty Business Lending Tracker.
Some of OnDeck’s former employees at least appear to be doing well. Just recently, the former Chief Sales Officer was named COO of CoverWallet, the former Director of External Sales was named Chief Revenue Officer of Pearl Capital and the former Director of Portfolio Management and Credit Operations was named SVP at Breakout Capital.Last modified: September 20, 2017