Credible Labs Price Surged Around 29% in the Last Two Trading Days Over Share Liquidity Easing

Today Credible Labs Inc. (ASX: CRD) shares surged up, by more than 17% on ASX, carrying the momentum from Friday’s movement of more than 12%. CRD is the fintech service provider, in consumer finance space such as student loan refinancing, student loans, personal loans, mortgage, mortgage refinancing, and credit cards.

In the year 2017, CRD came out with the biggest tech IPO launch, for raising $66 Mn at a $306.6 Mn valuation, at an issue price of $1.21. Since then, its value has shrunk to less than $248 Mn. Friday’s huge upside move attributed to the increase of liquidity in the volume of shares. Company’s CEO Stephen Dash owns 43.4% of its shares while 75% had been held in the Escrow account until 1 March 2019, when 25% of them became available for the trade. Thus, increasing the number of shares available for trade.

The company recently announced its FY2018 result report where it reported Closed Loan Volume (CLV) at $1.1 Bn, with Q4 number at $368 Mn. Its revenue increased by more than 34% to $26.4 Mn and gross profit margin was 26%. It was mainly driven by student loan refinance, and personal loan marketplaces, which was in line with the overall growth in CLV. The company reported strong cash positions at $29.6 Mn, which gave a boost to the company’s aim for continuous investments in growth activities, for the forthcoming year.

It reported an increase in its scalability, with headcount growth of 22% to 122 on December 31, 2018, as compared to 100 on December 31, 2017. It launched accelerated mortgage, 6 months- ahead of schedule, with the license in 34 states, along with 6 lenders as on December 2018.

The company aims to grow its brand recognition amongst consumers and partners. It has made significant investments in launching and building its mortgage market place in the year 2018, and it is preparing to launch its home purchase product in stages, during the first half of FY 2019. It expects to see benefits of scale this year as the leading online marketplace. It launched first of its kind mortgage refinance platform in the challenging refinancing environment. It anticipates that its scaling distribution will take some time to focus on high-quality partnerships, in-line with its experience in other verticals.

On 1 March 2019, the company announced, that it had completed the off market repurchase of 37,500 fully paid ordinary shares of common stock, which in terms of Chess Depository Interests (CDI’s) becomes 937,500. It was related to the Employee Incentive scheme that did not vest.

It recently issued unquoted 75,790 Options to purchase shares, which would be exercisable at USD 14.99 per share, with an expiry dated 27 February 2019. Each Option equals the closing price of one CDI, on the effective date of approval by the directors. Options are not quoted over the ASX, but  CDIs are quoted on the ASX, where 25 CDIs represents 1 share.

On stock information, Credible Labs last traded at A$1.100 up 17.021% (as at 4 March 2019) with the market capitalization of $247.77 Mn. It reported a loss per share at 0.054 AUD. Its 52 weeks high had been noted at A$1.22 and 52 weeks low at A$0.68. Its absolute return for 3 months and 1 year is 13.25% and -6% respectively.


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