LendingClub Corp. (LC) Shares Down 2.6%
LendingClub Corp. (NYSE:LC) shares traded down 2.6% during mid-day trading on Friday . The stock traded as low as $5.30 and last traded at $5.32, with a volume of 6,340,684 shares changing hands. The stock had previously closed at $5.46.
Several research analysts have recently issued reports on the company. Zacks Investment Research downgraded LendingClub Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, April 14th. Raymond James Financial Inc. assumed coverage on LendingClub Corp. in a research note on Thursday, April 14th. They issued a “market perform” rating for the company. Sterne Agee CRT downgraded LendingClub Corp. from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $8.00 to $5.00 in a research note on Monday, May 9th. Stifel Nicolaus downgraded LendingClub Corp. from a “buy” rating to a “hold” rating in a research note on Monday, May 9th. Finally, Canaccord Genuity downgraded LendingClub Corp. from a “buy” rating to a “hold” rating and lowered their price objective for the company from $16.00 to $8.00 in a research note on Monday, May 9th. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $13.04.
The stock has a 50-day moving average price of $4.55 and a 200-day moving average price of $6.33. The firm’s market cap is $2.06 billion.
LendingClub Corp. (NYSE:LC) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ 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 period in the previous year, the business posted $0.03 EPS. The company’s revenue was up 6.5% on a year-over-year basis. On average, equities analysts anticipate that LendingClub Corp. will post ($0.15) earnings per share for the current fiscal year.
In other 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 transaction of $34,628.88. Following the completion of the sale, the chief operating officer now owns 975,561 shares in the company, valued at approximately $4,185,156.69. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Tian Qiao Chen purchased 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, with a total value of $97,442,599.00. The disclosure for this purchase can be found here.
Several hedge funds have modified their holdings of the stock. California State Teachers Retirement System increased its stake 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 worth $1,366,000 after buying an additional 2,138 shares during the period. Trexquant Investment LP acquired a new stake in shares of LendingClub Corp. during the fourth quarter worth about $1,081,000. Finally, Jennison Associates LLC increased its stake 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 worth $8,999,000 after buying an additional 30,040 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.