LendingClub Corp. (NYSE:LC) was down 2.1% on Wednesday following insider selling activity. The company traded as low as $6.00 and last traded at $6.10, with a volume of 2,607,443 shares trading hands. The stock had previously closed at $6.23.
Specifically, insider Sandeep Bhandari sold 9,771 shares of LendingClub Corp. stock in a transaction 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 completion of the transaction, the insider now directly owns 219,600 shares of the company’s stock, valued at $1,218,780. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Sameer Gulati sold 5,489 shares of LendingClub Corp. stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $4.60, for a total transaction of $25,249.40. Following the transaction, the chief operating officer now directly owns 970,623 shares of the company’s stock, valued at $4,464,865.80. The disclosure for this sale can be found here. Corporate insiders own 11.40% of the company’s stock.
A number of research firms have commented on LC. BTIG Research set a $9.00 price objective on shares of LendingClub Corp. and gave the stock a “buy” rating in a research report on Thursday. 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. Vetr cut shares of LendingClub Corp. from a “hold” rating to a “sell” rating and set a $5.36 target price for the company. in a research report on Monday, September 12th. Morgan Stanley reissued an “equal weight” rating on shares of LendingClub Corp. in a research report on Monday, September 12th. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $4.30 target price (down previously from $4.40) on shares of LendingClub Corp. in a research report on Tuesday, June 21st. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $13.03.
The stock’s 50-day moving average is $5.71 and its 200-day moving average is $5.74. The stock’s market capitalization is $2.38 billion.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $110.65 million. LendingClub Corp. had a negative net margin of 14.22% and a negative return on equity of 2.93%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.03 EPS. On average, analysts expect that LendingClub Corp. will post ($0.15) EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. SHANDA ASSET MANAGEMENT HOLDINGS Ltd boosted its stake in LendingClub Corp. by 1,383.7% in the second quarter. SHANDA ASSET MANAGEMENT HOLDINGS Ltd now owns 57,739,270 shares of the company’s stock worth $248,279,000 after buying an additional 53,847,715 shares during the period. BlackRock Fund Advisors boosted its stake in LendingClub Corp. by 727.6% in the second quarter. BlackRock Fund Advisors now owns 8,206,163 shares of the company’s stock worth $35,287,000 after buying an additional 7,214,645 shares during the period. State Street Corp boosted its stake in LendingClub Corp. by 379.0% in the second quarter. State Street Corp now owns 5,469,018 shares of the company’s stock worth $23,519,000 after buying an additional 4,327,146 shares during the period. Wellington Management Group LLP boosted its stake in LendingClub Corp. by 97.1% in the first quarter. Wellington Management Group LLP now owns 7,549,341 shares of the company’s stock worth $62,659,000 after buying an additional 3,719,295 shares during the period. Finally, Passport Capital LLC purchased a new stake in LendingClub Corp. during the second quarter worth approximately $13,011,000. Institutional investors own 83.90% 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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