Wedbush Reaffirms “Underperform” Rating for LendingClub Corp. (LC)
LendingClub Corp. (NYSE:LC)‘s stock had its “underperform” rating reissued by equities researchers at Wedbush in a note issued to investors on Thursday. They currently have a $4.00 price objective on the stock, up from their prior price objective of $3.75. Wedbush’s price target suggests a potential downside of 29.33% from the stock’s previous close.
Other research analysts have also issued research reports about the company. FBR & Co set a $7.00 target price on LendingClub Corp. and gave the stock a “hold” rating in a research report on Sunday, October 16th. Citigroup Inc. reissued a “neutral” rating and issued a $5.00 target price on shares of LendingClub Corp. in a research report on Monday, November 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $5.00 target price on shares of LendingClub Corp. in a research report on Tuesday, November 8th. Pacific Crest reissued a “hold” rating on shares of LendingClub Corp. in a research report on Tuesday, August 9th. Finally, BTIG Research reissued a “buy” rating and issued a $9.00 target price on shares of LendingClub Corp. in a research report on Tuesday, November 8th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $11.87.
LendingClub Corp. (NYSE:LC) opened at 5.66 on Thursday. The stock’s market cap is $2.23 billion. LendingClub Corp. has a 52-week low of $3.44 and a 52-week high of $14.40. The firm has a 50-day moving average price of $5.49 and a 200 day moving average price of $5.12.
LendingClub Corp. (NYSE:LC) last announced its earnings results on Monday, November 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. LendingClub Corp. had a negative return on equity of 6.68% and a negative net margin of 21.75%. The firm earned $112.60 million during the quarter, compared to analyst estimates of $103.31 million. During the same quarter in the prior year, the company earned $0.04 EPS. The business’s revenue was down 2.2% compared to the same quarter last year. On average, analysts forecast that LendingClub Corp. will post ($0.12) earnings per share for the current fiscal year.
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In related news, CFO Thomas W. Casey sold 5,283 shares of LendingClub Corp. stock in a transaction on Monday, November 28th. The stock was sold at an average price of $5.84, for a total transaction of $30,852.72. Following the transaction, the chief financial officer now directly owns 215,667 shares in the company, valued at $1,259,495.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vii Lp Canaan sold 933,675 shares of LendingClub Corp. stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $5.67, for a total value of $5,293,937.25. The disclosure for this sale can be found here. 11.40% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC increased its position in LendingClub Corp. by 45.4% in the third quarter. Profund Advisors LLC now owns 16,431 shares of the company’s stock valued at $102,000 after buying an additional 5,134 shares during the period. Cetera Advisor Networks LLC bought a new position in LendingClub Corp. during the third quarter valued at $109,000. Malaga Cove Capital LLC bought a new position in LendingClub Corp. during the third quarter valued at $119,000. Prudential Financial Inc. increased its position in LendingClub Corp. by 22.0% in the third quarter. Prudential Financial Inc. now owns 20,920 shares of the company’s stock valued at $129,000 after buying an additional 3,770 shares during the period. Finally, Ameriprise Financial Inc. increased its position in LendingClub Corp. by 36.5% in the second quarter. Ameriprise Financial Inc. now owns 23,208 shares of the company’s stock valued at $100,000 after buying an additional 6,205 shares during the period. Institutional investors own 83.71% of the company’s stock.
LendingClub Corp. Company Profile
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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