LendingClub Corporation (LC) Shares Up 5.8%
Shares of LendingClub Corporation (NYSE:LC) shot up 5.8% during mid-day trading on Monday . The stock traded as high as $6.24 and last traded at $6.20. 6,370,040 shares changed hands during trading, an increase of 10% from the average session volume of 5,808,830 shares. The stock had previously closed at $5.86.
Several research firms have issued reports on LC. Vetr lowered shares of LendingClub Corporation from a “strong-buy” rating to a “hold” rating and set a $6.55 price target on the stock. in a research report on Wednesday, August 9th. Citigroup Inc. reaffirmed a “neutral” rating and set a $6.50 price target (up from $6.00) on shares of LendingClub Corporation in a research report on Thursday, August 10th. Canaccord Genuity reaffirmed a “hold” rating and set a $7.00 price target on shares of LendingClub Corporation in a research report on Thursday, August 10th. Credit Suisse Group reissued a “neutral” rating and issued a $8.00 price objective on shares of LendingClub Corporation in a research report on Thursday, August 10th. Finally, BidaskClub raised shares of LendingClub Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $6.78.
The company’s 50-day moving average is $5.76 and its 200-day moving average is $5.60. The firm’s market cap is $2.55 billion.
LendingClub Corporation (NYSE:LC) last announced its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.06). LendingClub Corporation had a negative return on equity of 11.97% and a negative net margin of 24.52%. The firm had revenue of $139.60 million for the quarter, compared to analysts’ expectations of $134.02 million. During the same period in the prior year, the business posted ($0.09) earnings per share. The company’s revenue was up 35.0% on a year-over-year basis. Analysts anticipate that LendingClub Corporation will post $0.04 EPS for the current fiscal year.
In other LendingClub Corporation news, Director Daniel T. Ciporin acquired 10,000 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was bought at an average price of $5.92 per share, with a total value of $59,200.00. Following the completion of the acquisition, the director now owns 1,014,809 shares of the company’s stock, valued at $6,007,669.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas W. Casey sold 7,287 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $6.08, for a total value of $44,304.96. Following the transaction, the chief financial officer now directly owns 39,758 shares of the company’s stock, valued at approximately $241,728.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 188,099 shares of company stock worth $1,118,285. Company insiders own 11.40% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of LC. Prudential Financial Inc. boosted its stake in LendingClub Corporation by 3.6% in the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock worth $119,000 after buying an additional 760 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in LendingClub Corporation by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock worth $131,000 after buying an additional 5,130 shares in the last quarter. Blair William & Co. IL boosted its stake in LendingClub Corporation by 11.3% in the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock worth $144,000 after buying an additional 2,650 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in LendingClub Corporation in the second quarter worth approximately $150,000. Finally, Brighton Jones LLC purchased a new stake in LendingClub Corporation in the second quarter worth approximately $154,000. 86.91% of the stock is owned by institutional investors and hedge funds.
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LendingClub Corporation Company Profile
LendingClub Corporation 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 has been closed to many investors and only available on a limited basis to large institutional investors.
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