LendingClub Corp. (LC) Shares Up 6%
LendingClub Corp. (NYSE:LC)’s share price shot up 6% on Tuesday . The company 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 brokerages have recently weighed in on LC. Morgan Stanley reissued a “buy” rating on shares of LendingClub Corp. in a research report on Sunday, May 8th. Canaccord Genuity reissued a “hold” rating and set a $7.00 price target (down from $8.00) on shares of LendingClub Corp. in a research report on Tuesday. FBR & Co lifted their price target on shares of LendingClub Corp. from $7.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 9th. Guggenheim cut shares of LendingClub Corp. from a “buy” rating to a “neutral” rating in a research report on Monday, May 9th. Finally, William Blair cut shares of LendingClub Corp. from a “buy” rating to a “hold” rating in a research report on Monday, May 9th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $13.88.
The firm has a 50-day moving average of $4.52 and a 200-day moving average of $6.59. The stock has a market cap of $1.75 billion and a P/E ratio of 306.00.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings data on Monday, May 9th. The company reported $0.05 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.05. The business earned $151.30 million during the quarter, compared to analysts’ expectations of $148.20 million. The firm’s quarterly revenue was up 86.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. Equities research analysts predict that LendingClub Corp. will post $0.08 earnings per share for the current fiscal year.
In other LendingClub Corp. news, major shareholder Tian Qiao Chen acquired 24,299,900 shares of the business’s stock in a transaction dated Friday, June 17th. The stock was acquired at an average cost of $4.01 per share, for a total transaction of $97,442,599.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Sameer Gulati sold 8,072 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $4.29, for a total value of $34,628.88. Following the completion of the sale, the chief operating officer now owns 975,561 shares of the company’s stock, valued at $4,185,156.69. The disclosure for this sale can be found here.
Several hedge funds have bought and sold shares of the stock. Janus Capital Management boosted its stake in LendingClub Corp. by 38.2% in the third quarter. Janus Capital Management now owns 317,337 shares of the company’s stock worth $4,198,000 after buying an additional 87,743 shares during the period. Nationwide Fund Advisors purchased a new stake in shares of LendingClub Corp. during the fourth quarter valued at approximately $2,989,000. California State Teachers Retirement System boosted its stake in shares of LendingClub Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 123,661 shares of the company’s stock valued at $1,366,000 after buying an additional 2,138 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of 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 valued at $1,877,000 after buying an additional 16,668 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of LendingClub Corp. during the fourth quarter valued at approximately $1,081,000.
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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