LendingClub Corp. (LC) Downgraded by Vetr Inc. to “Buy”
Vetr downgraded shares of LendingClub Corp. (NYSE:LC) from a strong-buy rating to a buy rating in a research report report published on Monday morning. Vetr currently has $6.44 target price on the stock.
A number of other research analysts have also recently weighed in on LC. Canaccord Genuity reaffirmed a hold rating and set a $7.00 price objective (down from $8.00) on shares of LendingClub Corp. in a research report on Tuesday, July 26th. Zacks Investment Research cut LendingClub Corp. from a hold rating to a sell rating in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. initiated coverage on LendingClub Corp. in a report on Thursday, August 4th. They issued a market perform rating on the stock. Credit Suisse Group AG lowered their price target on LendingClub Corp. from $9.00 to $7.00 and set a neutral rating on the stock in a report on Tuesday, August 9th. Finally, Citigroup Inc. reissued a neutral rating and issued a $5.00 price target on shares of LendingClub Corp. in a report on Tuesday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $11.86.
LendingClub Corp. (NYSE:LC) opened at 6.14 on Monday. The stock has a 50 day moving average of $5.53 and a 200 day moving average of $5.09. LendingClub Corp. has a one year low of $3.44 and a one year high of $14.40. The company’s market cap is $2.42 billion.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.04) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.03. LendingClub Corp. had a negative return on equity of 6.68% and a negative net margin of 21.75%. The firm had revenue of $112.60 million for the quarter, compared to analysts’ expectations of $103.31 million. During the same period in the previous year, the firm earned $0.04 EPS. The business’s quarterly revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that LendingClub Corp. will post ($0.12) earnings per share for the current fiscal year.
In other LendingClub Corp. news, CEO Scott Sanborn sold 46,138 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $6.18, for a total value of $285,132.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Sameer Gulati sold 5,854 shares of the company’s stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $4.95, for a total value of $28,977.30. Following the completion of the sale, the chief operating officer now owns 952,838 shares of the company’s stock, valued at $4,716,548.10. The disclosure for this sale can be found here. 11.40% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. SHANDA ASSET MANAGEMENT HOLDINGS Ltd boosted its stake in shares of 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 valued at $248,279,000 after buying an additional 53,847,715 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of LendingClub Corp. by 12.7% in the second quarter. Vanguard Group Inc. now owns 21,815,353 shares of the company’s stock valued at $93,806,000 after buying an additional 2,450,950 shares in the last quarter. Morgan Stanley boosted its stake in shares of LendingClub Corp. by 73.6% in the third quarter. Morgan Stanley now owns 14,389,243 shares of the company’s stock valued at $88,926,000 after buying an additional 6,099,557 shares in the last quarter. Credit Suisse AG boosted its stake in shares of 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 in the last quarter. Finally, Jackson Square Partners LLC boosted its stake in shares of LendingClub Corp. by 9.8% in the second quarter. Jackson Square Partners LLC now owns 10,109,634 shares of the company’s stock valued at $43,471,000 after buying an additional 905,734 shares in the last quarter. Institutional investors and hedge funds own 82.67% 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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