Maxim Group assumed coverage on shares of LendingClub Corporation (NYSE:LC) in a report released on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $8.00 price objective on the credit services provider’s stock.

“We are initiating coverage of LendingClub Corporation with a Buy Rating and a 12-month price target of $8. With better management, lower expenses, and stable credit quality, LC is positioned for strong EBITDA growth.”,” the firm’s analyst commented.

Several other equities analysts have also issued reports on LC. 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 note on Wednesday, August 16th. BTIG Research restated a buy rating and set a $9.00 price target on shares of LendingClub Corporation in a research note on Wednesday, September 27th. Needham & Company LLC assumed coverage on LendingClub Corporation in a research note on Wednesday, November 1st. They set a buy rating and a $7.00 price target on the stock. Zacks Investment Research upgraded LendingClub Corporation from a sell rating to a hold rating and set a $6.50 price target on the stock in a research note on Tuesday, August 8th. Finally, Stifel Nicolaus restated a hold rating and set a $6.50 price target on shares of LendingClub Corporation in a research note on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $6.89.

LendingClub Corporation (NYSE:LC) traded up $0.01 during midday trading on Tuesday, hitting $4.30. The company had a trading volume of 18,226,500 shares, compared to its average volume of 6,153,530. LendingClub Corporation has a fifty-two week low of $4.20 and a fifty-two week high of $6.78. The company has a quick ratio of 18.90, a current ratio of 18.02 and a debt-to-equity ratio of 3.52.

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In related news, CEO Scott Sanborn sold 46,667 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $5.77, for a total transaction of $269,268.59. Following the sale, the chief executive officer now directly owns 970,337 shares in the company, valued at approximately $5,598,844.49. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas W. Casey sold 7,287 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $6.08, for a total value of $44,304.96. Following the sale, the chief financial officer now owns 39,758 shares in the company, valued at $241,728.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 213,116 shares of company stock worth $1,288,135. Corporate insiders own 11.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in LendingClub Corporation by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 28,403,846 shares of the credit services provider’s stock worth $156,505,000 after acquiring an additional 1,300,878 shares during the last quarter. BlackRock Inc. grew its position in LendingClub Corporation by 3,276.7% during the 1st quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock worth $121,326,000 after acquiring an additional 21,445,128 shares during the last quarter. Fred Alger Management Inc. grew its position in LendingClub Corporation by 5.8% during the 2nd quarter. Fred Alger Management Inc. now owns 12,337,744 shares of the credit services provider’s stock worth $67,981,000 after acquiring an additional 681,192 shares during the last quarter. Jackson Square Partners LLC grew its position in LendingClub Corporation by 23.3% during the 2nd quarter. Jackson Square Partners LLC now owns 9,610,092 shares of the credit services provider’s stock worth $52,951,000 after acquiring an additional 1,817,453 shares during the last quarter. Finally, State Street Corp grew its position in LendingClub Corporation by 5.3% during the 2nd quarter. State Street Corp now owns 6,461,593 shares of the credit services provider’s stock worth $35,602,000 after acquiring an additional 323,373 shares during the last quarter. Institutional investors and hedge funds own 87.80% 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.

Analyst Recommendations for LendingClub Corporation (NYSE:LC)

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