LendingClub Corporation (LC) Rating Lowered to Hold at Zacks Investment Research
LendingClub Corporation (NYSE:LC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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 firms have also recently commented on LC. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of LendingClub Corporation in a research report on Tuesday, November 8th. Janney Montgomery Scott started coverage on LendingClub Corporation in a research report on Tuesday, December 6th. They set a “neutral” rating and a $6.00 target price for the company. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $5.00 target price on shares of LendingClub Corporation in a research report on Monday, November 7th. FBR & Co boosted their target price on LendingClub Corporation from $4.00 to $6.50 and gave the stock a “market perform” rating in a research report on Friday, October 14th. Finally, Craig Hallum restated a “buy” rating on shares of LendingClub Corporation in a research report on Monday, November 7th. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $11.31.
Shares of LendingClub Corporation (NYSE:LC) traded up 1.875% during midday trading on Wednesday, hitting $5.705. The stock had a trading volume of 457,246 shares. The firm’s 50-day moving average price is $5.46 and its 200-day moving average price is $5.33. LendingClub Corporation has a 1-year low of $3.44 and a 1-year high of $9.80. The stock’s market cap is $2.25 billion.
LendingClub Corporation (NYSE:LC) last posted its earnings results on Monday, November 7th. The company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. LendingClub Corporation had a negative return on equity of 6.68% and a negative net margin of 21.75%. The business earned $112.60 million during the quarter, compared to analysts’ expectations of $103.31 million. During the same period in the previous year, the business earned $0.04 earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. Analysts forecast that LendingClub Corporation will post ($0.12) earnings per share for the current year.
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In related news, CTO John Macilwaine sold 25,000 shares of the business’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $5.09, for a total transaction of $127,250.00. Following the transaction, the chief technology officer now owns 409,308 shares in the company, valued at approximately $2,083,377.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Sameer Gulati sold 5,610 shares of the business’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $5.49, for a total value of $30,798.90. Following the transaction, the chief operating officer now owns 941,181 shares in the company, valued at approximately $5,167,083.69. The disclosure for this sale can be found here. Corporate insiders own 11.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in LC. SHANDA ASSET MANAGEMENT HOLDINGS Ltd increased its position in LendingClub Corporation by 1,383.7% in the second quarter. SHANDA ASSET MANAGEMENT HOLDINGS Ltd now owns 57,739,270 shares of the company’s stock worth $248,279,000 after buying an additional 53,847,715 shares during the period. BlackRock Fund Advisors increased its position in LendingClub Corporation by 727.6% in the second quarter. BlackRock Fund Advisors now owns 8,206,163 shares of the company’s stock worth $35,287,000 after buying an additional 7,214,645 shares during the period. Morgan Stanley increased its position in LendingClub Corporation by 73.6% in the third quarter. Morgan Stanley now owns 14,389,243 shares of the company’s stock worth $88,926,000 after buying an additional 6,099,557 shares during the period. State Street Corp increased its position in LendingClub Corporation by 379.0% in the second quarter. State Street Corp now owns 5,469,018 shares of the company’s stock worth $23,519,000 after buying an additional 4,327,146 shares during the period. Finally, Passport Capital LLC purchased a new position in LendingClub Corporation during the second quarter worth $13,011,000. Institutional investors own 83.58% of the company’s stock.
About LendingClub Corporation
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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