LendingClub Corp. (LC) Stock Price Up 2.5%
LendingClub Corp. (NYSE:LC)’s share price rose 2.5% on Wednesday . The stock traded as high as $4.94 and last traded at $4.91, with a volume of 15,466,674 shares trading hands. The stock had previously closed at $4.79.
Several research firms have recently issued reports on LC. Vetr raised LendingClub Corp. from a “buy” rating to a “strong-buy” rating and set a $5.11 price objective for the company in a research note on Monday, July 25th. Oppenheimer Holdings Inc. began coverage on LendingClub Corp. in a research note on Thursday, August 4th. They issued a “market perform” rating for the company. BTIG Research reaffirmed a “buy” rating and issued a $9.00 price objective on shares of LendingClub Corp. in a research note on Monday, July 18th. Canaccord Genuity reaffirmed a “hold” rating and issued a $7.00 price objective (down from $8.00) on shares of LendingClub Corp. in a research note on Tuesday, July 26th. Finally, Pacific Crest reaffirmed a “hold” rating on shares of LendingClub Corp. in a research note on Tuesday. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $13.00.
The company’s market cap is $1.87 billion. The stock’s 50-day moving average price is $4.53 and its 200 day moving average price is $6.34.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.07. During the same period in the previous year, the business earned $0.03 EPS. The firm earned $102.40 million during the quarter, compared to analyst estimates of $110.65 million. LendingClub Corp.’s quarterly revenue was up 6.5% on a year-over-year basis. Analysts anticipate that LendingClub Corp. will post $0.07 earnings per share for the current fiscal year.
In other news, COO Sameer Gulati sold 5,489 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $4.60, for a total value of $25,249.40. Following the completion of the sale, the chief operating officer now directly owns 970,623 shares in the company, valued at $4,464,865.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 acquired at an average price of $4.01 per share, with a total value of $97,442,599.00. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors have modified their holdings of the company. Jennison Associates LLC raised its position in shares of 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 last quarter. Trexquant Investment LP acquired a new position in shares of LendingClub Corp. during the fourth quarter valued at $1,081,000. New York State Common Retirement Fund raised its position 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, California State Teachers Retirement System raised its position 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.
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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