Zacks Investment Research downgraded shares of LendingClub (NYSE:LC) from a hold rating to a strong sell rating in a report released on Wednesday morning.

According to Zacks, “LendingClub Corporation provides internet financial services. The Company offers online marketplace for loan approval, pricing, servicing and support operations as well as regulatory and legal framework which connects borrowers and investors. LendingClub Corporation is headquartered in San Francisco, California. “

Several other research analysts have also recently issued reports on the stock. Maxim Group reiterated a buy rating and issued a $6.00 price objective (down from $8.00) on shares of LendingClub in a report on Monday, December 11th. Oppenheimer reiterated a buy rating and issued a $5.00 price objective on shares of LendingClub in a report on Friday, December 8th. Stifel Nicolaus decreased their price objective on shares of LendingClub from $5.00 to $4.50 and set a hold rating for the company in a report on Friday, December 8th. Needham & Company LLC reiterated a buy rating and issued a $6.00 price objective (down from $7.00) on shares of LendingClub in a report on Friday, December 8th. Finally, Compass Point upgraded shares of LendingClub from a sell rating to a neutral rating in a report on Friday, December 8th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $6.54.

LendingClub (NYSE LC) traded down $0.06 during trading on Wednesday, hitting $4.27. 6,058,098 shares of the stock traded hands, compared to its average volume of 7,063,594. The company has a quick ratio of 16.90, a current ratio of 18.02 and a debt-to-equity ratio of 3.52. LendingClub has a twelve month low of $3.29 and a twelve month high of $6.78.

In other news, major shareholder Tian Qiao Chen purchased 21,927,175 shares of LendingClub stock in a transaction that occurred on Tuesday, December 12th. The stock was acquired at an average price of $3.90 per share, for a total transaction of $85,515,982.50. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas W. Casey purchased 10,000 shares of LendingClub stock in a transaction that occurred on Tuesday, November 14th. The stock was purchased at an average price of $4.17 per share, with a total value of $41,700.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 25,957,175 shares of company stock valued at $100,843,283. Company insiders own 9.72% of the company’s stock.

Several large investors have recently modified their holdings of LC. JPMorgan Chase & Co. lifted its position in shares of LendingClub by 497.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,345,149 shares of the credit services provider’s stock valued at $18,432,000 after acquiring an additional 2,785,549 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of LendingClub by 85.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,183,823 shares of the credit services provider’s stock valued at $31,569,000 after acquiring an additional 2,392,223 shares in the last quarter. PDT Partners LLC purchased a new stake in shares of LendingClub in the 2nd quarter valued at approximately $10,632,000. Jackson Square Partners LLC lifted its position in shares of LendingClub by 23.3% in the 2nd quarter. Jackson Square Partners LLC now owns 9,610,092 shares of the credit services provider’s stock valued at $52,951,000 after acquiring an additional 1,817,453 shares in the last quarter. Finally, Balyasny Asset Management LLC lifted its position in shares of LendingClub by 64.4% in the 2nd quarter. Balyasny Asset Management LLC now owns 3,449,593 shares of the credit services provider’s stock valued at $19,007,000 after acquiring an additional 1,350,834 shares in the last quarter. Institutional investors and hedge funds own 86.45% of the company’s stock.

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About LendingClub

LendingClub Corporation 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 has been closed to many investors and only available on a limited basis to large institutional investors.

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