LendingClub Corp. (LC) Trading Up 6%
LendingClub Corp. (NYSE:LC)’s share price was up 6% during mid-day trading on Tuesday . The stock traded as high as $4.63 and last traded at $4.60, with a volume of 4,624,980 shares traded. The stock had previously closed at $4.34.
A number of equities research analysts recently weighed in on the company. Morgan Stanley restated a “buy” rating on shares of LendingClub Corp. in a report on Sunday, May 8th. BTIG Research lowered their price target on LendingClub Corp. from $21.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 10th. Vetr cut LendingClub Corp. from a “strong-buy” rating to a “buy” rating and set a $5.11 price target on the stock. in a report on Monday, July 18th. Stifel Nicolaus cut LendingClub Corp. from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Finally, Canaccord Genuity cut LendingClub Corp. from a “buy” rating to a “hold” rating and lowered their price target for the stock from $16.00 to $8.00 in a report on Monday, May 9th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. LendingClub Corp. has a consensus rating of “Hold” and an average price target of $13.94.
The company has a 50 day moving average price of $4.51 and a 200-day moving average price of $6.64. The stock has a market capitalization of $1.77 billion and a price-to-earnings ratio of 309.33.
LendingClub Corp. (NYSE:LC) last announced its quarterly earnings results on Monday, May 9th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The firm earned $151.30 million during the quarter, compared to analyst estimates of $148.20 million. The business’s revenue was up 86.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS. Analysts predict that LendingClub Corp. will post $0.08 earnings per share for the current year.
In related news, major shareholder Tian Qiao Chen bought 24,299,900 shares of the business’s stock in a transaction dated Friday, June 17th. The stock was bought at an average price of $4.01 per share, for a total transaction of $97,442,599.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Sameer Gulati sold 8,072 shares of the firm’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $4.29, for a total transaction of $34,628.88. Following the sale, the chief operating officer now owns 975,561 shares of the company’s stock, valued at approximately $4,185,156.69. The disclosure for this sale can be found here.
Several hedge funds recently bought and sold shares of LC. Jennison Associates LLC boosted its stake 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 in the last quarter. Trexquant Investment LP acquired a new position in LendingClub Corp. during the fourth quarter worth approximately $1,081,000. Morgan Stanley raised 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 in the last quarter. New York State Common Retirement Fund raised 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 in the last quarter. Finally, California State Teachers Retirement System raised 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 in 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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