LendingClub Corp. (LC) Trading Down 2.6%
Shares of LendingClub Corp. (NYSE:LC) fell 2.6% during 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. The stock had previously closed at $5.46.
Several brokerages have recently commented on LC. Morgan Stanley reissued a “buy” rating on shares of LendingClub Corp. in a research note on Sunday, May 8th. FBR & Co reissued a “hold” rating on shares of LendingClub Corp. in a research note on Tuesday, June 28th. Zacks Investment Research downgraded LendingClub Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. Guggenheim downgraded LendingClub Corp. from a “buy” rating to a “neutral” rating in a research report on Monday, May 9th. Finally, Compass Point decreased their price target on LendingClub Corp. from $6.00 to $4.00 and set a “sell” rating for the company in a research report on Tuesday, May 10th. Four investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have issued a buy rating to the company. LendingClub Corp. currently has a consensus rating of “Hold” and a consensus price target of $13.04.
The stock’s 50 day moving average is $4.56 and its 200-day moving average is $6.31. The firm’s market capitalization is $2.11 billion.
LendingClub Corp. (NYSE:LC) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by $0.07. The company earned $102.40 million during the quarter, compared to analyst estimates of $110.65 million. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. On average, equities research analysts expect that LendingClub Corp. will post ($0.15) EPS for the current fiscal year.
In related news, major shareholder Tian Qiao Chen bought 24,299,900 shares of the firm’s stock in a transaction on Friday, June 17th. The stock was acquired at an average cost of $4.01 per share, for a total transaction of $97,442,599.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Sameer Gulati sold 8,072 shares of the business’s stock in a transaction on Monday, June 27th. The shares were sold at an average price of $4.29, for a total transaction of $34,628.88. Following the sale, the chief operating officer now owns 975,561 shares of the company’s stock, valued at $4,185,156.69. The disclosure for this sale can be found here.
Other large investors recently made changes to their positions in the company. California State Teachers Retirement System raised 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 in the last quarter. Jennison Associates LLC raised 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 in the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of LendingClub Corp. during the fourth quarter worth $1,081,000.
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.