LendingClub Corp (LC) Rating Reiterated by Canaccord Genuity
LendingClub Corp (NYSE:LC)‘s stock had its “hold” rating reissued by equities research analysts at Canaccord Genuity in a research note issued on Sunday. They presently have a $7.00 target price on the credit services provider’s stock. Canaccord Genuity’s target price suggests a potential upside of 11.64% from the company’s previous close.
LC has been the topic of several other research reports. Vetr cut shares of LendingClub Corp 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. reissued a “neutral” rating and issued a $6.50 price objective (up from $6.00) on shares of LendingClub Corp in a research report on Thursday, August 10th. Credit Suisse Group reissued a “neutral” rating and set a $8.00 price target on shares of LendingClub Corp in a research note on Thursday, August 10th. BidaskClub upgraded LendingClub Corp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, ValuEngine lowered shares of LendingClub Corp from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. LendingClub Corp has a consensus rating of “Hold” and a consensus price target of $6.78.
LendingClub Corp (NYSE LC) opened at 6.27 on Friday. LendingClub Corp has a 12-month low of $4.64 and a 12-month high of $6.78. The firm’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, hitting the consensus estimate of ($0.06). The company had revenue of $139.60 million during the quarter, compared to the consensus estimate of $134.02 million. LendingClub Corp had a negative net margin of 8.78% and a negative return on equity of 10.48%. LendingClub Corp’s quarterly revenue was up 35.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. On average, equities analysts predict that LendingClub Corp will post $0.04 EPS for the current fiscal year.
In related news, President Steven Allocca sold 35,378 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $6.09, for a total value of $215,452.02. Following the transaction, the president now owns 67,084 shares in the company, valued at approximately $408,541.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Sameer Gulati sold 8,305 shares of the business’s stock in a transaction dated 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 owns 265,657 shares in the company, valued at approximately $1,349,537.56. The disclosure for this sale can be found here. Insiders sold 188,070 shares of company stock valued at $1,120,725 in the last 90 days. 11.40% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in LC. Royce & Associates LP lifted its holdings in shares of LendingClub Corp by 8.9% in the 2nd quarter. Royce & Associates LP now owns 565,365 shares of the credit services provider’s stock valued at $3,115,000 after buying an additional 46,000 shares during the period. Vanguard Group Inc. boosted its position in LendingClub Corp by 4.3% during 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 in the last quarter. JPMorgan Chase & Co. boosted its position in LendingClub Corp by 497.8% during the second quarter. JPMorgan Chase & Co. now owns 3,345,149 shares of the credit services provider’s stock worth $18,432,000 after purchasing an additional 2,785,549 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in LendingClub Corp by 1,284.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,791,600 shares of the credit services provider’s stock worth $15,382,000 after purchasing an additional 2,590,000 shares in the last quarter. Finally, Karp Capital Management Corp purchased a new stake in LendingClub Corp during the first quarter worth $321,000. Institutional investors own 86.95% of the company’s stock.
LendingClub Corp 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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