LendingClub Corp. (LC) Stock Price Down 7.1%
Shares of LendingClub Corp. (NYSE:LC) fell 7.1% during mid-day trading on Tuesday . The stock traded as low as $4.05 and last traded at $4.07, with a volume of 10,563,197 shares changing hands. The stock had previously closed at $4.38.
Several research firms have issued reports on LC. Craig Hallum began coverage on LendingClub Corp. in a report on Wednesday, March 9th. They set a “buy” rating and a $13.00 price target for the company. Royal Bank Of Canada began coverage on LendingClub Corp. in a report on Wednesday, March 16th. They set an “outperform” rating and a $92.00 price target for the company. Compass Point reissued a “sell” rating and set a $6.00 price target on shares of LendingClub Corp. in a report on Friday, April 1st. Zacks Investment Research lowered LendingClub Corp. from a “buy” rating to a “hold” rating in a report on Thursday, April 14th. Finally, Raymond James Financial Inc. began coverage on LendingClub Corp. in a report on Thursday, April 14th. They set a “market perform” rating for the company. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. LendingClub Corp. has a consensus rating of “Hold” and an average price target of $14.21.
The firm has a market cap of $1.64 billion and a PE ratio of 287.33. The company’s 50-day moving average price is $4.53 and its 200-day moving average price is $7.23.
LendingClub Corp. (NYSE:LC) last posted its earnings results on Monday, May 9th. The company reported $0.05 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.05. The business had revenue of $151.30 million for the quarter, compared to analyst estimates of $148.20 million. During the same quarter last year, the business earned $0.02 earnings per share. LendingClub Corp.’s revenue was up 86.8% on a year-over-year basis. Equities analysts forecast that LendingClub Corp. will post $0.12 EPS for the current year.
In related 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 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 SEC, which is available at this link. Also, major shareholder Tian Qiao Chen acquired 24,299,900 shares of the stock in a transaction that occurred on Friday, June 17th. The stock was purchased 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.
A number of large investors have recently bought and sold shares of LC. 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 valued at $4,198,000 after buying an additional 87,743 shares during the last quarter. Nationwide Fund Advisors acquired a new position in LendingClub Corp. during the fourth quarter worth $2,989,000. 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 during the period. Stevens Capital Management LP acquired a new position in LendingClub Corp. during the fourth quarter worth $1,563,000. Finally, 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 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.