LendingClub Corp. (LC) Sees Strong Trading Volume
LendingClub Corp. (NYSE:LC) saw unusually-strong trading volume on Monday . Approximately 14,595,905 shares were traded during mid-day trading, an increase of 77% from the previous session’s volume of 8,235,572 shares.The stock last traded at $4.81 and had previously closed at $4.75.
A number of research analysts have issued reports on the stock. BTIG Research reduced their price objective on shares of LendingClub Corp. from $21.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, May 10th. Morgan Stanley reissued a “buy” rating on shares of LendingClub Corp. in a research report on Sunday, May 8th. Vetr downgraded shares of LendingClub Corp. from a “strong-buy” rating to a “buy” rating and set a $5.11 price objective on the stock. in a research report on Monday, July 18th. Canaccord Genuity downgraded shares of LendingClub Corp. from a “buy” rating to a “hold” rating and reduced their price objective for the company from $16.00 to $8.00 in a research report on Monday, May 9th. Finally, William Blair downgraded 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, thirteen have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. LendingClub Corp. has an average rating of “Hold” and a consensus target price of $13.88.
The company has a market cap of $1.83 billion and a price-to-earnings ratio of 319.33. The stock’s 50-day moving average is $4.53 and its 200-day moving average is $6.38.
LendingClub Corp. (NYSE:LC) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by $0.07. The firm earned $102.40 million during the quarter, compared to analysts’ expectations of $110.65 million. During the same quarter in the prior year, the company posted $0.03 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities analysts forecast that LendingClub Corp. will post $0.08 earnings per share for the current fiscal year.
In other LendingClub Corp. news, COO Sameer Gulati sold 8,072 shares of LendingClub Corp. stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $4.29, for a total value of $34,628.88. Following the transaction, the chief operating officer now owns 975,561 shares in the company, valued at $4,185,156.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Tian Qiao Chen bought 4,391,440 shares of the business’s stock in a transaction on Thursday, June 16th. The stock was bought at an average price of $4.65 per share, for a total transaction of $20,420,196.00. The disclosure for this purchase can be found here.
Other institutional investors recently bought and sold shares of the company. Jennison Associates LLC raised 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 valued at $8,999,000 after buying an additional 30,040 shares during the period. Trexquant Investment LP bought a new position in LendingClub Corp. during the fourth quarter valued at about $1,081,000. 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 valued at $1,877,000 after buying an additional 16,668 shares during the period. 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 valued at $1,366,000 after buying an additional 2,138 shares during the period.
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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