HarbourVest Partners LLC Holds Stake in LendingClub Corporation (LC)
HarbourVest Partners LLC held its stake in shares of LendingClub Corporation (NYSE:LC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,900,206 shares of the credit services provider’s stock at the close of the second quarter. LendingClub Corporation comprises about 4.5% of HarbourVest Partners LLC’s portfolio, making the stock its 4th largest holding. HarbourVest Partners LLC owned approximately 0.46% of LendingClub Corporation worth $10,470,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Prudential Financial Inc. raised its holdings in LendingClub Corporation by 3.6% in the 1st quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock valued at $119,000 after acquiring an additional 760 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in LendingClub Corporation by 27.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock valued at $131,000 after acquiring an additional 5,130 shares during the last quarter. Blair William & Co. IL raised its holdings in LendingClub Corporation by 11.3% in the 2nd quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock valued at $144,000 after acquiring an additional 2,650 shares during the last quarter. GSA Capital Partners LLP acquired a new position in LendingClub Corporation in the 2nd quarter valued at $150,000. Finally, Brighton Jones LLC acquired a new position in LendingClub Corporation in the 2nd quarter valued at $154,000. Institutional investors own 86.95% of the company’s stock.
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Shares of LendingClub Corporation (NYSE:LC) traded down 2.40% during mid-day trading on Friday, reaching $6.09. 2,860,769 shares of the company were exchanged. The company’s market capitalization is $2.51 billion. LendingClub Corporation has a 12 month low of $4.64 and a 12 month high of $6.78. The firm’s 50-day moving average is $5.94 and its 200-day moving average is $5.64.
LendingClub Corporation (NYSE:LC) last released its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The business had revenue of $139.60 million for the quarter, compared to the consensus estimate of $134.02 million. LendingClub Corporation had a negative net margin of 24.52% and a negative return on equity of 11.97%. LendingClub Corporation’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. On average, equities analysts forecast that LendingClub Corporation will post $0.04 earnings per share for the current fiscal year.
In other news, COO Sameer Gulati sold 8,141 shares of the firm’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $6.02, for a total transaction of $49,008.82. Following the transaction, the chief operating officer now owns 288,637 shares in the company, valued at approximately $1,737,594.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Scott Sanborn sold 46,667 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $5.77, for a total transaction of $269,268.59. Following the transaction, the chief executive officer now owns 970,337 shares in the company, valued at approximately $5,598,844.49. The disclosure for this sale can be found here. Insiders have sold a total of 188,070 shares of company stock worth $1,120,725 in the last 90 days. 11.40% of the stock is owned by insiders.
Several research analysts have weighed in on the company. BTIG Research reiterated a “buy” rating and issued a $9.00 price target on shares of LendingClub Corporation in a report on Wednesday. Vetr downgraded LendingClub Corporation from a “buy” rating to a “hold” rating and set a $6.55 price target for the company. in a report on Monday, September 4th. ValuEngine upgraded LendingClub Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. Zacks Investment Research downgraded LendingClub Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 18th. Finally, Wedbush set a $6.00 price target on LendingClub Corporation and gave the company a “hold” rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $6.78.
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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