LendingClub Corporation (LC) Short Interest Down 9.4% in August
LendingClub Corporation (NYSE:LC) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 35,975,160 shares, a decline of 9.4% from the August 15th total of 39,717,344 shares. Based on an average trading volume of 5,525,429 shares, the days-to-cover ratio is presently 6.5 days. Approximately 10.2% of the shares of the company are short sold.
In other LendingClub Corporation news, President Steven Allocca sold 35,378 shares of LendingClub Corporation stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $6.09, for a total transaction of $215,452.02. Following the completion of the sale, the president now owns 67,084 shares of the company’s stock, valued at approximately $408,541.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel T. Ciporin purchased 10,000 shares of the stock in a transaction on Thursday, August 17th. The shares were purchased at an average cost of $5.92 per share, with a total value of $59,200.00. Following the transaction, the director now owns 1,014,809 shares in the company, valued at approximately $6,007,669.28. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 188,099 shares of company stock valued at $1,118,285. 11.40% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. raised its holdings in LendingClub Corporation by 3.6% during the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock worth $119,000 after purchasing an additional 760 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in 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 raised its holdings in 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 position in LendingClub Corporation during the second quarter worth about $150,000. Finally, Brighton Jones LLC purchased a new position in LendingClub Corporation during the second quarter worth about $154,000. 86.91% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on LC. BidaskClub lowered LendingClub Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Zacks Investment Research lowered LendingClub Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. ValuEngine lowered LendingClub Corporation from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Stifel Nicolaus reiterated a “hold” rating and set a $6.50 price objective on shares of LendingClub Corporation in a research note on Thursday, August 10th. Finally, Canaccord Genuity reiterated a “hold” rating and set a $7.00 price objective on shares of LendingClub Corporation in a research note on Thursday, August 10th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. LendingClub Corporation has a consensus rating of “Hold” and a consensus target price of $6.78.
LendingClub Corporation (LC) opened at 6.06 on Friday. The company has a 50 day moving average price of $5.94 and a 200 day moving average price of $5.64. The stock’s market cap is $2.49 billion. LendingClub Corporation has a 52 week low of $4.64 and a 52 week high of $6.78.
LendingClub Corporation (NYSE:LC) last posted its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $139.60 million during the quarter, compared to analysts’ expectations of $134.02 million. LendingClub Corporation had a negative net margin of 24.52% and a negative return on equity of 11.97%. The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.09) earnings per share. Analysts expect that LendingClub Corporation will post $0.04 EPS for the current fiscal year.
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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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