LendingClub Corporation (LC) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of LendingClub Corporation (NYSE:LC) from a hold rating to a sell rating in a research note published on Tuesday.
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. “
A number of other brokerages have also weighed in on LC. BTIG Research reiterated a buy rating and set a $9.00 target price on shares of LendingClub Corporation in a research note on Wednesday, September 27th. ValuEngine lowered LendingClub Corporation from a hold rating to a sell rating in a research note on Monday, October 2nd. Vetr lowered LendingClub Corporation from a strong-buy rating to a buy rating and set a $6.55 target price on the stock. in a research note on Wednesday, August 16th. UBS AG upgraded LendingClub Corporation from a market perform rating to an outperform rating in a research note on Thursday, August 3rd. Finally, Wedbush reiterated a neutral rating and set a $5.00 target price on shares of LendingClub Corporation in a research note on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $6.78.
Shares of LendingClub Corporation (NYSE LC) opened at 6.46 on Tuesday. The stock’s 50 day moving average price is $6.20 and its 200-day moving average price is $5.76. LendingClub Corporation has a 52-week low of $4.64 and a 52-week high of $6.78. The company’s market capitalization is $2.66 billion.
LendingClub Corporation (NYSE:LC) last announced its earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The company had revenue of $139.60 million for the quarter, compared to analyst estimates of $134.02 million. LendingClub Corporation had a negative return on equity of 11.97% and a negative net margin of 24.52%. The firm’s quarterly revenue was up 35.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) earnings per share. On average, analysts expect that LendingClub Corporation will post $0.04 earnings per share for the current year.
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In other LendingClub Corporation news, Director Daniel T. Ciporin purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were bought at an average price of $5.92 per share, for a total transaction of $59,200.00. Following the purchase, the director now owns 1,014,809 shares in the company, valued at approximately $6,007,669.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Sameer Gulati sold 8,305 shares of LendingClub Corporation stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $5.08, for a total value of $42,189.40. Following the completion of the transaction, the chief operating officer now owns 265,657 shares in the company, valued at approximately $1,349,537.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 213,070 shares of company stock worth $1,283,225. Corporate insiders own 11.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Prudential Financial Inc. increased its stake in shares of 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 purchasing an additional 760 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of 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 purchasing an additional 5,130 shares during the last quarter. Blair William & Co. IL increased its stake in shares of 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 purchasing an additional 2,650 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of LendingClub Corporation in the 2nd quarter valued at $150,000. Finally, Brighton Jones LLC bought a new position in shares of LendingClub Corporation in the 2nd quarter valued at $154,000. Institutional investors own 86.95% of the company’s stock.
LendingClub Corporation Company Profile
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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