Short Interest in LendingClub Corp. (LC) Drops By 11.3%
LendingClub Corp. (NYSE:LC) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 60,158,822 shares, a decrease of 11.3% from the October 14th total of 67,800,452 shares. Currently, 19.0% of the shares of the stock are short sold. Based on an average daily volume of 7,811,553 shares, the days-to-cover ratio is presently 7.7 days.
Several equities research analysts recently weighed in on LC shares. Zacks Investment Research raised shares of LendingClub Corp. from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 12th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of LendingClub Corp. in a research report on Tuesday, November 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $5.00 price target on shares of LendingClub Corp. in a research report on Monday, August 15th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $5.00 price target on shares of LendingClub Corp. in a research report on Monday, November 7th. Finally, FBR & Co boosted their price target on shares of LendingClub Corp. from $4.00 to $6.50 and gave the stock a “market perform” rating in a research report on Friday, October 14th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have issued a buy rating to the company. LendingClub Corp. presently has an average rating of “Hold” and a consensus price target of $11.79.
Shares of LendingClub Corp. (NYSE:LC) opened at 6.06 on Friday. The company has a 50 day moving average price of $5.53 and a 200 day moving average price of $5.13. The company’s market cap is $2.39 billion. LendingClub Corp. has a 52 week low of $3.44 and a 52 week high of $14.40.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $112.60 million for the quarter, compared to analysts’ expectations of $103.31 million. LendingClub Corp. had a negative return on equity of 6.68% and a negative net margin of 21.75%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.04 earnings per share. On average, equities analysts expect that LendingClub Corp. will post ($0.12) earnings per share for the current year.
In related news, insider John Macilwaine sold 50,000 shares of the company’s stock in a transaction dated Tuesday, October 18th. The shares were sold at an average price of $5.01, for a total value of $250,500.00. Following the completion of the sale, the insider now owns 409,308 shares of the company’s stock, valued at $2,050,633.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 46,138 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $6.18, for a total transaction of $285,132.84. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Credit Suisse AG raised its position in LendingClub Corp. by 14.2% in the third quarter. Credit Suisse AG now owns 10,909,467 shares of the company’s stock valued at $67,421,000 after buying an additional 1,353,114 shares during the last quarter. Chartwell Investment Partners LLC bought a new position in LendingClub Corp. during the third quarter valued at $7,011,000. Cetera Advisor Networks LLC bought a new position in LendingClub Corp. during the third quarter valued at $109,000. Hillhouse Capital Management Ltd. bought a new position in LendingClub Corp. during the third quarter valued at $618,000. Finally, RBF Capital LLC bought a new position in LendingClub Corp. during the third quarter valued at $922,000. Institutional investors and hedge funds own 81.27% of the company’s stock.
LendingClub Corp. Company Profile
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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