LendingClub (LC) Stock Rating Upgraded by Zacks Investment Research
LendingClub (NYSE:LC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $4.00 price objective on the credit services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 16.28% from the stock’s previous close.
According to Zacks, “LendingClub Corporation provides internet financial services. The Company offers online marketplace for loan approval, pricing, servicing and support operations as well as regulatory and legal framework which connects borrowers and investors. LendingClub Corporation is headquartered in San Francisco, California. “
A number of other equities analysts have also issued reports on LC. Morgan Stanley lowered LendingClub from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $6.00 to $6.50 in a research note on Thursday, July 19th. Citigroup raised their target price on LendingClub from $3.50 to $4.15 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Finally, Maxim Group restated a “buy” rating and issued a $6.00 target price on shares of LendingClub in a research note on Wednesday, August 8th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $5.20.
LendingClub (NYSE:LC) last issued its earnings results on Tuesday, November 6th. The credit services provider reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. The company had revenue of $184.65 million during the quarter, compared to analyst estimates of $182.63 million. LendingClub had a negative return on equity of 4.02% and a negative net margin of 30.89%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) EPS. Analysts forecast that LendingClub will post -0.09 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the business. Claraphi Advisory Network LLC acquired a new stake in LendingClub during the 3rd quarter worth about $101,000. Paloma Partners Management Co acquired a new stake in LendingClub during the 2nd quarter worth about $151,000. Xact Kapitalforvaltning AB grew its position in LendingClub by 60.2% during the 1st quarter. Xact Kapitalforvaltning AB now owns 45,233 shares of the credit services provider’s stock worth $158,000 after purchasing an additional 17,000 shares during the period. Alpine Woods Capital Investors LLC acquired a new stake in LendingClub during the 2nd quarter worth about $159,000. Finally, Renaissance Technologies LLC acquired a new stake in LendingClub during the 3rd quarter worth about $194,000. 87.98% of the stock is currently owned by institutional investors.
LendingClub Corporation operates an online marketplace platform that connects borrowers and investors in the United States. Its marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, unsecured education and patient finance loans, auto refinance loans, and unsecured small business loans.
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