LendingClub Corp (LC) Downgraded by ValuEngine to “Sell”
LendingClub Corp (NYSE:LC) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Monday.
A number of other brokerages have also issued reports on LC. Vetr lowered shares of LendingClub Corp from a “buy” rating to a “hold” rating and set a $6.55 price objective for the company. in a report on Monday, September 4th. CIBC raised shares of LendingClub Corp from a “market perform” rating to an “outperform” rating in a report on Thursday, August 3rd. Zacks Investment Research lowered shares of LendingClub Corp from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. BidaskClub cut shares of LendingClub Corp from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Finally, Morgan Stanley restated an “overweight” rating and issued a $7.00 price target (down from $8.00) on shares of LendingClub Corp in a research report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $6.78.
Shares of LendingClub Corp (NYSE:LC) traded up 2.96% during trading on Monday, hitting $6.27. 3,239,984 shares of the company’s stock were exchanged. LendingClub Corp has a 1-year low of $4.64 and a 1-year high of $6.78. The stock’s 50-day moving average price is $6.08 and its 200-day moving average price is $5.69. The stock’s market cap is $2.58 billion.
LendingClub Corp (NYSE:LC) last issued its earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $139.60 million for the quarter, compared to analyst estimates of $134.02 million. LendingClub Corp had a negative net margin of 8.78% and a negative return on equity of 10.48%. The company’s quarterly revenue was up 35.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.09) earnings per share. On average, equities analysts expect that LendingClub Corp will post $0.04 earnings per share for the current fiscal year.
In other LendingClub Corp news, Director John J. Mack purchased 10,000 shares of the company’s stock in a transaction on Friday, August 11th. The shares were purchased at an average cost of $5.90 per share, with a total value of $59,000.00. Following the completion of the purchase, the director now owns 1,493,673 shares in the company, valued at $8,812,670.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Sameer Gulati sold 8,305 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $5.08, for a total value of $42,189.40. Following the completion of the transaction, the chief operating officer now directly owns 265,657 shares in the company, valued at $1,349,537.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 188,070 shares of company stock worth $1,120,725. 11.40% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in LC. BlackRock Inc. grew its position in shares of LendingClub Corp by 3,276.7% during the 1st quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock worth $121,326,000 after buying an additional 21,445,128 shares during the period. Jericho Capital Asset Management L.P. bought a new stake in shares of LendingClub Corp in the 1st quarter valued at $32,440,000. JPMorgan Chase & Co. lifted its position in shares of LendingClub Corp by 497.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,345,149 shares of the credit services provider’s stock valued at $18,432,000 after acquiring an additional 2,785,549 shares during the period. Nikko Asset Management Americas Inc. lifted its position in shares of LendingClub Corp by 1,324.3% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,908,500 shares of the credit services provider’s stock valued at $16,026,000 after acquiring an additional 2,704,300 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of LendingClub Corp by 1,284.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,791,600 shares of the credit services provider’s stock valued at $15,382,000 after acquiring an additional 2,590,000 shares during the period. 86.95% of the stock is owned by institutional investors.
About LendingClub Corp
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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