LendingTree Buys Back $100 Mln Of Outstanding 0.50% Senior Notes

Online financial platform, LendingTree, Inc. (TREE), Wednesday announced that it has repurchased 0.50% convertible senior notes worth approx. $100 million, which were issued in July 2020 and will be due in 2025.

The company has spent approx. $81.4 million in cash for this transaction. On Tuesday, LendingTree's stock closed at $19.62, down by 0.66%.

The company’s stock price has been in a bearish trend since reaching a 52-week high of $47.82 on January 28, 2023. The stock has been trading below its 50-day and 200-day moving averages, indicating a lack of momentum and support. The stock also faces strong resistance at $21.35, which is the 38.2% Fibonacci retracement level of the downtrend from January to November 2023.

However, the stock still faces significant challenges in the mid to long term, such as the declines in home revenue, the economic risks from the pandemic, and the competition from other online lending platforms . Therefore, the stock may not reach for the stars anytime soon.