Scott Totman, the Chief Technology Officer of LendingTree, Inc. (NASDAQ:TREE), recently acquired shares of the company's common stock valued at approximately $144,725. The transactions, which took place on December 6, involved the purchase of 3,750 shares at prices ranging from $38.25 to $39.19 per share. The timing appears strategic, as InvestingPro analysis shows the stock has delivered an impressive 65% return over the past year, despite high price volatility.
Following these acquisitions, Totman now holds a total of 18,192 shares directly. This includes 659 shares acquired through the LendingTree, Inc. Employee Stock Purchase Plan. The transactions were disclosed in a recent SEC filing. According to InvestingPro data, analysts maintain a bullish outlook with price targets ranging from $58 to $78, suggesting potential upside from current levels. Get access to 12 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, LendingTree reported a 23% increase in adjusted EBITDA to $27 million in its Third Quarter 2024 Earnings Conference Call. A significant part of this growth can be attributed to a 210% year-over-year increase in auto insurance quotes revenue, resulting in a record $41 million in Variable Marketing Margin (VMD). The company also saw a 6% revenue increase in its consumer business and a 5% growth in home equity revenue.
CEO Doug Lebda expressed expectations for improved credit conditions by late 2024 or early 2025 while maintaining a focus on a balanced customer acquisition strategy. Despite anticipated seasonal declines, the company reported strong performance across all segments in October. While seasonal declines are expected in home and insurance revenues in Q4, the company remains optimistic about future growth.
However, the revenue increase in personal loans was only 7% despite a 50% rise in consumer traffic due to tight credit restrictions. The company also noted a limitation in the number of insurance carriers expanding purchases this year. These recent developments provide investors with a snapshot into LendingTree's current financial performance and future expectations.
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