LendingClub Corporation (LC) Short Interest Down 9.4% in August
LendingClub Corporation (NYSE:LC) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 35,975,160 shares, a drop of 9.4% from the August 15th total of 39,717,344 shares. Approximately 10.2% of the shares of the stock are sold short. Based on an average daily volume of 5,525,429 shares, the days-to-cover ratio is presently 6.5 days.
LendingClub Corporation (LC) opened at 6.18 on Monday. LendingClub Corporation has a 12 month low of $4.64 and a 12 month high of $6.78. The company’s market capitalization is $2.54 billion. The company’s 50-day moving average price is $5.89 and its 200 day moving average price is $5.62.
LendingClub Corporation (NYSE:LC) last posted its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $139.60 million during the quarter, compared to the consensus estimate of $134.02 million. LendingClub Corporation had a negative net margin of 24.52% and a negative return on equity of 11.97%. The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) earnings per share. Analysts forecast that LendingClub Corporation will post $0.04 EPS for the current fiscal year.
In other LendingClub Corporation news, COO Sameer Gulati sold 8,170 shares of the firm’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $5.70, for a total value of $46,569.00. Following the sale, the chief operating officer now owns 258,102 shares of the company’s stock, valued at approximately $1,471,181.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Scott Sanborn sold 46,667 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $5.77, for a total value of $269,268.59. Following the completion of the sale, the chief executive officer now directly owns 970,337 shares in the company, valued at approximately $5,598,844.49. The disclosure for this sale can be found here. In the last ninety days, insiders sold 188,099 shares of company stock worth $1,118,285. Company insiders own 11.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in LendingClub Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 27,102,968 shares of the credit services provider’s stock worth $148,795,000 after purchasing an additional 1,119,288 shares during the last quarter. Karp Capital Management Corp bought a new stake in LendingClub Corporation in the first quarter worth $321,000. Bank of America Corp DE lifted its stake in LendingClub Corporation by 497.0% in the first quarter. Bank of America Corp DE now owns 2,575,241 shares of the credit services provider’s stock worth $14,138,000 after purchasing an additional 2,143,870 shares during the last quarter. Geode Capital Management LLC lifted its stake in LendingClub Corporation by 8.6% in the first quarter. Geode Capital Management LLC now owns 2,460,579 shares of the credit services provider’s stock worth $13,508,000 after purchasing an additional 194,756 shares during the last quarter. Finally, Cannell Capital LLC lifted its stake in LendingClub Corporation by 140.4% in the first quarter. Cannell Capital LLC now owns 1,549,426 shares of the credit services provider’s stock worth $8,506,000 after purchasing an additional 904,973 shares during the last quarter. 86.91% of the stock is owned by institutional investors and hedge funds.
LC has been the topic of a number of research analyst reports. ValuEngine raised LendingClub Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. Vetr downgraded LendingClub Corporation from a “buy” rating to a “hold” rating and set a $6.55 target price on the stock. in a report on Monday, September 4th. CIBC raised LendingClub Corporation from a “market perform” rating to an “outperform” rating in a report on Thursday, August 3rd. Zacks Investment Research downgraded LendingClub Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, BidaskClub cut LendingClub Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $6.78.
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About LendingClub Corporation
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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