LendingClub Corp. (LC) Shares Down 2.1% on Insider Selling
Shares of LendingClub Corp. (NYSE:LC) traded down 2.1% on Wednesday following insider selling activity. The stock 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 transaction, the insider now owns 219,600 shares in the company, valued at approximately $1,218,780. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Sameer Gulati sold 5,489 shares of LendingClub Corp. stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $4.60, for a total transaction of $25,249.40. Following the transaction, the chief operating officer now owns 970,623 shares in the company, valued at approximately $4,464,865.80. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by company insiders.
Several equities analysts recently weighed in on the stock. FBR & Co restated a “hold” rating on shares of LendingClub Corp. in a report on Tuesday, June 28th. Morgan Stanley restated a “hold” rating on shares of LendingClub Corp. in a report on Wednesday, June 8th. Vetr lowered shares of LendingClub Corp. from a “hold” rating to a “sell” rating and set a $5.36 target price on the stock. in a report on Monday, September 12th. Zacks Investment Research lowered shares of LendingClub Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Finally, BTIG Research set a $9.00 price objective on shares of LendingClub Corp. and gave the stock a “buy” rating in a report on Thursday. Five investment 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’s stock. The company has a consensus rating of “Hold” and a consensus target price of $13.03.
The stock’s market capitalization is $2.38 billion. The stock’s 50-day moving average price is $5.71 and its 200-day moving average price is $5.74.
LendingClub Corp. (NYSE:LC) last issued its earnings results on Monday, August 8th. The company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.07. The firm had revenue of $102.40 million for the quarter, compared to analyst estimates of $110.65 million. LendingClub Corp. had a negative return on equity of 2.93% and a negative net margin of 14.22%. LendingClub Corp.’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 earnings per share. On average, equities research analysts predict that LendingClub Corp. will post ($0.15) earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of the company. Aperio Group LLC increased its position in shares of LendingClub Corp. by 42.2% in the first quarter. Aperio Group LLC now owns 52,066 shares of the company’s stock worth $432,000 after buying an additional 15,461 shares during the last quarter. Pacad Investment Ltd. purchased a new position in shares of LendingClub Corp. during the first quarter worth $227,000. BlackRock Inc. increased its position in shares of LendingClub Corp. by 4.8% in the first quarter. BlackRock Inc. now owns 189,980 shares of the company’s stock worth $1,577,000 after buying an additional 8,760 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of LendingClub Corp. by 1.3% in the first quarter. JPMorgan Chase & Co. now owns 3,044,457 shares of the company’s stock worth $25,269,000 after buying an additional 38,901 shares during the last quarter. Finally, ING Groep NV purchased a new position in shares of LendingClub Corp. during the first quarter worth $8,300,000. Institutional investors and hedge funds 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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