A number of other brokerages also recently weighed in on LC. Zacks Investment Research raised shares of LendingClub Corp. from a strong sell rating to a hold rating in a research report on Wednesday, October 12th. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $5.00 price objective on shares of LendingClub Corp. in a research report on Monday, August 15th. Canaccord Genuity reaffirmed a hold rating and set a $7.00 price objective (down previously from $8.00) on shares of LendingClub Corp. in a research report on Tuesday, July 26th. Wedbush initiated coverage on shares of LendingClub Corp. in a research report on Monday, October 10th. They set an underperform rating and a $3.75 price objective for the company. Finally, Credit Suisse Group AG lowered their price objective on shares of LendingClub Corp. from $9.00 to $7.00 and set a neutral rating for the company in a research report on Tuesday, August 9th. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have given a buy rating to the stock. LendingClub Corp. has an average rating of Hold and a consensus target price of $12.65.
LendingClub Corp. (NYSE:LC) traded down 5.20% on Friday, hitting $5.10. The stock had a trading volume of 7,547,662 shares. The company has a 50-day moving average price of $5.83 and a 200 day moving average price of $5.56. LendingClub Corp. has a 52-week low of $3.44 and a 52-week high of $15.00. The firm’s market cap is $1.99 billion.
LendingClub Corp. (NYSE:LC) last announced its quarterly earnings data on Monday, August 8th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.07. LendingClub Corp. had a negative net margin of 14.22% and a negative return on equity of 2.93%. The business had revenue of $102.40 million for the quarter, compared to the consensus estimate of $110.65 million. During the same period in the prior year, the company earned $0.03 EPS. LendingClub Corp.’s quarterly revenue was up 6.5% on a year-over-year basis. Equities analysts forecast that LendingClub Corp. will post ($0.14) earnings per share for the current fiscal year.
In other news, insider Sandeep Bhandari sold 9,771 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $5.55, for a total transaction of $54,229.05. Following the sale, the insider now owns 219,600 shares in the company, valued at $1,218,780. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sameer Gulati sold 6,105 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $6.08, for a total transaction of $37,118.40. Following the sale, the insider now owns 958,692 shares in the company, valued at approximately $5,828,847.36. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Telemus Capital LLC raised its stake in LendingClub Corp. by 88.1% in the third quarter. Telemus Capital LLC now owns 542,247 shares of the company’s stock worth $3,351,000 after buying an additional 253,972 shares in the last quarter. Evercore Wealth Management LLC raised its position in LendingClub Corp. by 66.3% in the second quarter. Evercore Wealth Management LLC now owns 2,777,225 shares of the company’s stock valued at $11,942,000 after buying an additional 1,106,742 shares in the last quarter. Macquarie Group Ltd. raised its position in LendingClub Corp. by 3.0% in the second quarter. Macquarie Group Ltd. now owns 6,473,479 shares of the company’s stock valued at $27,836,000 after buying an additional 187,344 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in LendingClub Corp. by 70.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 788,884 shares of the company’s stock valued at $3,393,000 after buying an additional 327,315 shares in the last quarter. Finally, Amalgamated Bank bought a new position in LendingClub Corp. during the second quarter valued at $193,000. Institutional investors and hedge funds own 80.80% of the company’s stock.
About LendingClub Corp.
LendingClub Corporation (Lending Club) provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that is only available on a limited basis to large institutional investors.
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