LendingClub Corp. (LC) Trading 5.5% Higher
Shares of LendingClub Corp. (NYSE:LC) traded up 5.5% during trading on Wednesday . The company traded as high as $5.55 and last traded at $5.53, with a volume of 3,813,131 shares changing hands. The stock had previously closed at $5.24.
Several research firms have issued reports on LC. FBR & Co boosted their price target on LendingClub Corp. from $7.00 to $10.00 and gave the company an “outperform” rating in a report on Monday, May 9th. Sterne Agee CRT lowered LendingClub Corp. from a “neutral” rating to an “underperform” rating and cut their price target for the company from $8.00 to $5.00 in a report on Monday, May 9th. Stifel Nicolaus lowered LendingClub Corp. from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Canaccord Genuity lowered LendingClub Corp. from a “buy” rating to a “hold” rating and cut their price target for the company from $16.00 to $8.00 in a report on Monday, May 9th. Finally, Morgan Stanley reissued a “buy” rating on shares of LendingClub Corp. in a report on Sunday, May 8th. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $13.04.
The company’s market cap is $2.16 billion. The stock’s 50 day moving average price is $4.83 and its 200 day moving average price is $6.19.
LendingClub Corp. (NYSE:LC) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.07. During the same period in the prior year, the firm earned $0.03 EPS. The business earned $102.40 million during the quarter, compared to analyst estimates of $110.65 million. The business’s revenue was up 6.5% on a year-over-year basis. Analysts predict that LendingClub Corp. will post ($0.15) EPS for the current year.
In other news, 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 directly owns 975,561 shares in the company, valued at approximately $4,185,156.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Tian Qiao Chen bought 24,299,900 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were acquired at an average price of $4.01 per share, for a total transaction of $97,442,599.00. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in LendingClub Corp. stock. Jennison Associates LLC raised its position in shares of LendingClub Corp. (NYSE:LC) by 3.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 814,371 shares of the company’s stock after buying an additional 30,040 shares during the period. Jennison Associates LLC owned 0.22% of LendingClub Corp. worth $8,999,000 at the end of the most recent 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.