Irvine-based mortgage lender loanDepot Inc. recently rose 3.8% to 64 cents per share, bringing its market capitalization to approximately $283 million. The increase marked a second consecutive day of gains for the company's shares. However, loanDepot remains below the $1 threshold required by the New York Stock Exchange. The company received a delisting warning in August after its average closing price stayed below $1 for 30 consecutive trading days. loanDepot has six months from the August 21 notice to regain compliance with the exchange’s listing requirements.
Fellow Irvine-based AI software firm Veritone Inc. saw its shares drop 10% to $1.19, resulting in a market cap of $112 million. The company continues to face pressure concerning its cash reserves and $45.6 million in convertible debt, which is due in November. Earlier in the week, Veritone shares had risen 10% to $1.22 on Monday, bringing its market cap to $122 million. Despite a 55% gain so far in September, following the showcase of its intelligence products at an industry conference in Amsterdam, the firm’s stock is down approximately 75% since the beginning of the year.
Other Irvine companies experienced declines in their stock values. Medical device contract manufacturer Pro-Dex Inc. fell 4.5% to $65.92, reaching a $211 million market cap, with trading volume reported at a third of its daily average. Construction and engineering company Shimmick Corp shares decreased 4% to $3, giving it a $141 million market cap, trading at half its usual volume. Western-themed retailer Boot Barn Holdings was down 3.8% at $121.49, holding a $3.7 billion market cap, after investor website Simply Wall St. suggested that its store expansion and Western focus “could backfire if new locations underperform or shopper tastes shift.” Eledon Pharmaceuticals Inc. fell 6.2% to $2.71 per share, leading to a $220 million market cap. This decline followed a gain the previous day after Eledon reported updated long-term data from a Phase 2 trial of tegoprubart, its drug designed to prevent organ transplant rejection.
Conversely, several Irvine companies reported gains. Onterris Inc., an environmental services firm with its leadership team based in Irvine, saw shares rise 8.2% to $13.75 apiece, with a $477 million market cap. The company is recovering from a new 52-week low of $12.26 recorded last Friday, though it remains down about 55% from its 52-week high of $30.90 a year ago. Restaurant chain Kura Sushi USA Inc. rose 3.5% to $40.53 per share, bringing its market cap to $452 million, despite being down 14% since early September. Youth apparel retailer Tilly’s Inc. increased 5.9% to $4.52 per share and a $139 million market cap, with its shares nearly quadrupling since a 52-week low of $1.14 in November of last year. Chipmaker Skyworks Solutions also reported a gain, up 2.3% to $92.01 a share with a market cap of $13.8 billion. The firm’s shares have increased 37% over the past month as its plan to acquire rival Qorvo enters its final regulatory approval stages.
This mixed performance reflects varied market conditions and company-specific developments impacting Irvine’s corporate landscape.
