BTIG Research Reaffirms “Buy” Rating for LendingClub Corporation (LC)
BTIG Research reaffirmed their buy rating on shares of LendingClub Corporation (NYSE:LC) in a research note released on Wednesday morning. The firm currently has a $9.00 target price on the credit services provider’s stock.
Several other equities research analysts have also weighed in on the company. Zacks Investment Research upgraded LendingClub Corporation from a hold rating to a buy rating and set a $6.50 price target on the stock in a research report on Tuesday, June 6th. Vetr lowered LendingClub Corporation from a strong-buy rating to a buy rating and set a $6.55 price target on the stock. in a research report on Wednesday, August 16th. Canaccord Genuity restated a hold rating and set a $7.00 price target on shares of LendingClub Corporation in a research report on Thursday, August 10th. Stifel Nicolaus restated a hold rating and set a $6.50 price target on shares of LendingClub Corporation in a research report on Thursday, August 10th. Finally, Wedbush set a $6.00 price target on LendingClub Corporation and gave the company a hold rating in a research report on Tuesday, August 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $6.78.
LendingClub Corporation (NYSE:LC) traded down 2.40% during trading on Wednesday, hitting $6.09. The company’s stock had a trading volume of 2,860,769 shares. LendingClub Corporation has a 12 month low of $4.64 and a 12 month high of $6.78. The firm’s market cap is $2.51 billion. The firm has a 50 day moving average of $5.94 and a 200 day moving average of $5.64.
LendingClub Corporation (NYSE:LC) last posted its earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.06). LendingClub Corporation had a negative return on equity of 11.97% and a negative net margin of 24.52%. The firm had revenue of $139.60 million for the quarter, compared to analysts’ expectations of $134.02 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. The business’s revenue was up 35.0% compared to the same quarter last year. Equities research analysts predict that LendingClub Corporation will post $0.04 earnings per share for the current year.
In other LendingClub Corporation news, President Steven Allocca sold 35,378 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $6.09, for a total value of $215,452.02. Following the completion of the sale, the president now owns 67,084 shares in the company, valued at $408,541.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Scott Sanborn sold 46,667 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $5.77, for a total value of $269,268.59. Following the completion of the sale, the chief executive officer now owns 970,337 shares of the company’s stock, valued at approximately $5,598,844.49. The disclosure for this sale can be found here. In the last quarter, insiders have sold 188,070 shares of company stock valued at $1,120,725. 11.40% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Prudential Financial Inc. increased its position in LendingClub Corporation by 3.6% in the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock worth $119,000 after buying an additional 760 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of LendingClub Corporation by 27.4% during the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock worth $131,000 after purchasing an additional 5,130 shares in the last quarter. Blair William & Co. IL grew its position in shares of LendingClub Corporation by 11.3% during the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock worth $144,000 after purchasing an additional 2,650 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of LendingClub Corporation during the second quarter worth about $150,000. Finally, Brighton Jones LLC purchased a new stake in shares of LendingClub Corporation during the second quarter worth about $154,000. Institutional investors and hedge funds own 86.95% of the company’s stock.
About LendingClub Corporation
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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