LendingClub Corporation (LC) Shares Gap Up on Insider Buying Activity
LendingClub Corporation (NYSE:LC) shares gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $3.95, but opened at $4.12. LendingClub Corporation shares last traded at $4.27, with a volume of 7810728 shares.
Specifically, President Steven Allocca sold 35,378 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $6.09, for a total value of $215,452.02. Following the completion of the sale, the president now owns 67,084 shares in the company, valued at approximately $408,541.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Mack bought 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was purchased at an average price of $4.28 per share, with a total value of $85,600.00. Following the transaction, the director now directly owns 1,513,673 shares in the company, valued at $6,478,520.44. The disclosure for this purchase can be found here. Insiders sold a total of 213,722 shares of company stock valued at $1,218,831 in the last 90 days. 11.40% of the stock is currently owned by corporate insiders.
A number of analysts recently weighed in on the company. Zacks Investment Research upgraded LendingClub Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. BidaskClub downgraded LendingClub Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Oppenheimer Holdings, Inc. dropped their target price on LendingClub Corporation from $7.50 to $6.25 and set an “outperform” rating for the company in a research report on Wednesday, November 8th. ValuEngine downgraded LendingClub Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $6.50 target price on shares of LendingClub Corporation in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $6.89.
The company has a quick ratio of 16.90, a current ratio of 18.02 and a debt-to-equity ratio of 3.52.
Several institutional investors and hedge funds have recently bought and sold shares of LC. Quantbot Technologies LP purchased a new position in shares of LendingClub Corporation during the third quarter valued at approximately $103,000. Prudential Financial Inc. increased its stake in shares of LendingClub Corporation by 3.6% during the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock valued at $119,000 after buying an additional 760 shares during the period. Teacher Retirement System of Texas increased its stake in shares of LendingClub Corporation by 27.4% during the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock valued at $131,000 after buying an additional 5,130 shares during the period. Blair William & Co. IL increased its stake in shares of LendingClub Corporation by 11.3% during the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock valued at $144,000 after buying an additional 2,650 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of LendingClub Corporation during the second quarter valued at approximately $150,000. 88.28% of the stock is currently owned by hedge funds and other institutional investors.
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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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