Shares of On Deck Capital Inc (NYSE:ONDK) are up sharply in after hours trading this afternoon following breaking news that the company has entered a strategic partnership with JP Morgan Chase Bank.
“The Strategic Partnership is the latest example of both the Companys platform-as-a-service technology and itsstrategy of partnering with major financial institutions to serve more small business customers,” stated On Deck Capital’s Chief Legal Officer Cory R. Kampfer.
Shares are trading up 83.46% in afer hours, hitting $16.53 a share.The stock decreased 9.55% or $0.95 on December 1, hitting $9. About 878,672 shares traded hands or 202.66% up from the average. ONDK has declined 51.08% since April 28, 2015 and is downtrending. It has underperformed by 49.46% the S&P500.
Out of 2 analysts covering On Deck Capital (NASDAQ:ONDK), 1 rate it “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $14 is the highest target while $10 is the lowest. The $12 average target is 33.33% above today’s ($9) stock price. On Deck Capital was the topic in 6 analyst reports since August 4, 2015 according to StockzIntelligence Inc. FBR Capital initiated the stock on September 2 with “Outperform” rating. Pacific Crest maintained the shares of ONDK in a report on August 4 with “Buy” rating. Finally, Compass Point maintained the stock with “Sell” rating in an August 4 report.
On Deck Capital, Inc. is an online platform for small business lending. The company has a market cap of $676.88 million. The Firm aggregates and analyzes data points from disparate data sources to assess the creditworthiness of small businesses. It currently has negative earnings. Small businesses apply for a term loan or line of credit on the Company’s Website and, using its OnDeck Score, the Company makes a funding decision and transfers the funds.