LendingClub Corp. (LC) Stake Cut by Canaan Partners VII LLC
Canaan Partners VII LLC decreased its stake in LendingClub Corp. (NYSE:LC) by 46.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,933,675 shares of the company’s stock after selling 12,000,000 shares during the period. LendingClub Corp. accounts for approximately 87.2% of Canaan Partners VII LLC’s investment portfolio, making the stock its largest position. Canaan Partners VII LLC owned about 3.56% of LendingClub Corp. worth $86,110,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Ameriprise Financial Inc. increased its position in shares of LendingClub Corp. by 36.5% in the second quarter. Ameriprise Financial Inc. now owns 23,208 shares of the company’s stock valued at $100,000 after buying an additional 6,205 shares during the last quarter. Psagot Investment House Ltd. increased its position in shares of LendingClub Corp. by 166.7% in the second quarter. Psagot Investment House Ltd. now owns 24,000 shares of the company’s stock valued at $103,000 after buying an additional 15,000 shares during the last quarter. Geduld E E acquired a new position in shares of LendingClub Corp. during the second quarter valued at about $108,000. Ameritas Investment Partners Inc. acquired a new position in shares of LendingClub Corp. during the second quarter valued at about $110,000. Finally, Principal Financial Group Inc. acquired a new position in shares of LendingClub Corp. during the second quarter valued at about $111,000. Hedge funds and other institutional investors own 83.90% of the company’s stock.
LendingClub Corp. (NYSE:LC) traded down 0.99% during trading on Friday, hitting $5.99. 543,723 shares of the stock were exchanged. LendingClub Corp. has a 12-month low of $3.44 and a 12-month high of $15.00. The stock’s 50-day moving average price is $5.79 and its 200-day moving average price is $5.65. The firm’s market cap is $2.34 billion.
LendingClub Corp. (NYSE:LC) last released its quarterly earnings data 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 earned $102.40 million during 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%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. On average, equities analysts expect that LendingClub Corp. will post ($0.14) EPS for the current year.
Several analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “equal weight” rating on shares of LendingClub Corp. in a report on Wednesday, June 15th. Vetr raised shares of LendingClub Corp. from a “buy” rating to a “strong-buy” rating and set a $5.10 target price on the stock in a report on Tuesday, August 2nd. Pacific Crest reaffirmed a “hold” rating on shares of LendingClub Corp. in a report on Tuesday, August 9th. BTIG Research reaffirmed a “buy” rating and issued a $9.00 target price on shares of LendingClub Corp. in a report on Monday, July 18th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $5.00 target price on shares of LendingClub Corp. in a report on Tuesday, August 9th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the stock. LendingClub Corp. currently has an average rating of “Hold” and a consensus target price of $13.03.
In related news, COO Sameer Gulati sold 5,489 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $4,464,865.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Sandeep Bhandari sold 9,771 shares of the firm’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 transaction, the insider now directly owns 219,600 shares in the company, valued at approximately $1,218,780. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by corporate insiders.
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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