20.2% Stake of LendingClub Corp (LC) Maintained by Shanda Media Ltd
Shanda Media Ltd
stated that they own 20.2% of LendingClub Corp (NYSE:LC) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Wednesday, December 13th. The investor owns 83,666,445 shares of the stock valued at about $336,339,109. The reporting parties listed on the disclosure included Tianqiao Chen, Shanda Media Limited, Shanda Investment Group Limited, Shanda Technology Overseas Capital Company Limited and Shanda Asset Management Holdings Limited. The filing is available through EDGAR at this hyperlink.
A number of other hedge funds have also made changes to their positions in LC. Point72 Asset Management L.P. acquired a new stake in LendingClub during the 3rd quarter worth about $3,373,000. PEAK6 Investments L.P. lifted its position in LendingClub by 91.9% during the 3rd quarter. PEAK6 Investments L.P. now owns 152,673 shares of the credit services provider’s stock worth $930,000 after acquiring an additional 73,126 shares during the period. First Republic Investment Management Inc. lifted its position in LendingClub by 5.7% during the 3rd quarter. First Republic Investment Management Inc. now owns 802,539 shares of the credit services provider’s stock worth $4,887,000 after acquiring an additional 43,247 shares during the period. Jackson Square Partners LLC lifted its position in LendingClub by 2.8% during the 3rd quarter. Jackson Square Partners LLC now owns 9,883,742 shares of the credit services provider’s stock worth $60,191,000 after acquiring an additional 273,650 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in LendingClub during the 3rd quarter worth about $804,000. Hedge funds and other institutional investors own 86.84% of the company’s stock.
LC has been the subject of a number of research reports. Needham & Company LLC initiated coverage on LendingClub in a research report on Wednesday, November 1st. They set a “buy” rating and a $7.00 price target for the company. ValuEngine cut LendingClub from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. BTIG Research reaffirmed a “buy” rating and set a $9.00 price target on shares of LendingClub in a research report on Wednesday, September 27th. BidaskClub cut LendingClub from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 21st. Finally, Morgan Stanley lowered their price target on LendingClub from $7.00 to $6.50 and set an “overweight” rating for the company in a research report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.54.
In other LendingClub news, Director John J. Mack purchased 20,000 shares of LendingClub stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average price of $4.28 per share, with a total value of $85,600.00. Following the acquisition, the director now owns 1,513,673 shares of the company’s stock, valued at approximately $6,478,520.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Scott Sanborn sold 47,273 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $4.23, for a total value of $199,964.79. Following the completion of the transaction, the chief executive officer now directly owns 1,034,734 shares of the company’s stock, valued at approximately $4,376,924.82. The disclosure for this sale can be found here. In the last three months, insiders bought 25,957,175 shares of company stock valued at $100,843,283 and sold 88,765 shares valued at $458,573. Insiders own 9.72% of the company’s stock.
Shares of LendingClub Corp (LC) traded down $0.19 during mid-day trading on Wednesday, hitting $4.02. The stock had a trading volume of 14,915,203 shares, compared to its average volume of 6,822,269. 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 Corp has a fifty-two week low of $3.29 and a fifty-two week high of $6.78.
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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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