LendingClub Corp. (LC) Trading Down 2.6%
LendingClub Corp. (NYSE:LC) was down 2.6% on Friday . The company traded as low as $4.46 and last traded at $4.47, with a volume of 4,143,837 shares trading hands. The stock had previously closed at $4.59.
A number of equities research analysts have weighed in on LC shares. Compass Point reiterated a “sell” rating and set a $6.00 target price on shares of LendingClub Corp. in a research note on Friday, April 1st. Zacks Investment Research downgraded shares of LendingClub Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, April 14th. Raymond James Financial Inc. began coverage on shares of LendingClub Corp. in a research report on Thursday, April 14th. They set a “market perform” rating for the company. Morgan Stanley reissued a “buy” rating on shares of LendingClub Corp. in a research report on Sunday, May 8th. Finally, Stifel Nicolaus downgraded shares of LendingClub Corp. from a “buy” rating to a “hold” rating in a research report on Monday, May 9th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company’s stock. LendingClub Corp. has an average rating of “Hold” and a consensus price target of $13.94.
The firm has a market cap of $1.68 billion and a PE ratio of 294.00. The stock’s 50 day moving average is $4.52 and its 200 day moving average is $6.73.
LendingClub Corp. (NYSE:LC) last issued its earnings results on Monday, May 9th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.05. During the same period last year, the business earned $0.02 EPS. The business had revenue of $151.30 million for the quarter, compared to analysts’ expectations of $148.20 million. The company’s revenue for the quarter was up 86.8% on a year-over-year basis. On average, equities analysts anticipate that LendingClub Corp. will post $0.08 earnings per share for the current fiscal year.
In related news, COO Sameer Gulati sold 8,072 shares of the firm’s stock in a transaction on Monday, June 27th. The shares were sold at an average price of $4.29, for a total transaction of $34,628.88. Following the completion of the transaction, the chief operating officer now owns 975,561 shares of the company’s stock, valued at $4,185,156.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Tian Qiao Chen bought 24,299,900 shares of LendingClub Corp. stock in a transaction that occurred on Friday, June 17th. The shares were acquired at an average cost of $4.01 per share, with a total value of $97,442,599.00. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC boosted its position in LendingClub Corp. by 3.8% in the fourth quarter. Jennison Associates LLC now owns 814,371 shares of the company’s stock worth $8,999,000 after buying an additional 30,040 shares during the last quarter. Trexquant Investment LP purchased a new position in LendingClub Corp. during the fourth quarter worth $1,081,000. Morgan Stanley boosted its position in LendingClub Corp. by 1.7% in the fourth quarter. Morgan Stanley now owns 25,081,213 shares of the company’s stock worth $277,147,000 after buying an additional 425,731 shares during the last quarter. New York State Common Retirement Fund boosted its position in LendingClub Corp. by 10.9% in the fourth quarter. New York State Common Retirement Fund now owns 169,868 shares of the company’s stock worth $1,877,000 after buying an additional 16,668 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in LendingClub Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 123,661 shares of the company’s stock worth $1,366,000 after buying an additional 2,138 shares during the last quarter.
LendingClub Corporation (Lending Club) 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 is only available on a limited basis to large institutional investors.
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