LendingClub (LC) Trading 10.8% Higher on Insider Buying Activity
LendingClub Corp (NYSE:LC) traded up 10.8% during trading on Monday following insider buying activity. The company traded as high as $3.97 and last traded at $3.89. 54,725,270 shares traded hands during trading, an increase of 717% from the average session volume of 6,696,296 shares. The stock had previously closed at $3.51.
Specifically, major shareholder Tian Qiao Chen acquired 4,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were purchased at an average cost of $3.80 per share, for a total transaction of $15,200,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Sameer Gulati sold 8,141 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $6.02, for a total value of $49,008.82. Following the completion of the transaction, the chief operating officer now owns 288,637 shares in the company, valued at $1,737,594.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 4,030,000 shares of company stock worth $15,327,300 and have sold 88,765 shares worth $458,573. Insiders own 9.72% of the company’s stock.
LC has been the topic of a number of recent analyst reports. BidaskClub cut LendingClub from a “sell” rating to a “strong sell” rating in a report on Saturday, October 21st. Vetr cut LendingClub from a “buy” rating to a “hold” rating and set a $6.55 price target on the stock. in a research note on Monday, September 4th. Zacks Investment Research cut LendingClub from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Maxim Group initiated coverage on LendingClub in a research note on Tuesday, November 7th. They set a “buy” rating and a $8.00 price target on the stock. Finally, Needham & Company LLC initiated coverage on LendingClub in a research note on Wednesday, November 1st. They set a “buy” rating and a $7.00 price target on the stock. Two investment 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’s stock. The stock currently has an average rating of “Hold” and an average price target of $6.54.
The company has a current ratio of 18.02, a quick ratio of 16.90 and a debt-to-equity ratio of 3.52.
Institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in shares of LendingClub during the third quarter worth $103,000. Prudential Financial Inc. increased its holdings in LendingClub by 5.4% in the second quarter. Prudential Financial Inc. now owns 22,850 shares of the credit services provider’s stock valued at $126,000 after buying an additional 1,170 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in LendingClub by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock valued at $131,000 after buying an additional 5,130 shares during the last quarter. Blair William & Co. IL increased its holdings in LendingClub by 11.3% in the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock valued at $144,000 after buying an additional 2,650 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in LendingClub in the second quarter valued at $150,000. 86.84% of the stock is currently owned by institutional investors and hedge funds.
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LendingClub 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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