Zacks Investment Research cut shares of LendingClub (NYSE:LC) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

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. “

LC has been the topic of several other reports. Maxim Group reiterated a buy rating and issued a $22.50 price target (up from $4.50) on shares of LendingClub in a report on Tuesday, July 9th. ValuEngine downgraded LendingClub from a buy rating to a hold rating in a report on Thursday, August 1st. Morgan Stanley reduced their price target on LendingClub from $23.75 to $17.00 and set an equal weight rating on the stock in a report on Friday, July 12th. Finally, Wedbush upgraded LendingClub from a neutral rating to an outperform rating and increased their price target for the stock from $18.75 to $25.00 in a report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $20.63.

Shares of LC stock opened at $15.24 on Thursday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 3.93 and a current ratio of 7.06. The company’s 50 day moving average is $10.92. LendingClub has a 1 year low of $12.30 and a 1 year high of $20.15. The stock has a market capitalization of $1.35 billion, a P/E ratio of -43.54 and a beta of 1.58.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Tuesday, August 6th. The credit services provider reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. LendingClub had a negative return on equity of 2.67% and a negative net margin of 9.14%. The firm had revenue of $190.80 million for the quarter, compared to the consensus estimate of $192.04 million. During the same period in the prior year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts expect that LendingClub will post -0.14 earnings per share for the current fiscal year.

In other LendingClub news, Director Mary G. Meeker sold 350,500 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $3.31, for a total transaction of $1,160,155.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Valerie Kay sold 9,500 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $2.98, for a total value of $28,310.00. Following the transaction, the insider now owns 242,981 shares in the company, valued at $724,083.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 659,833 shares of company stock worth $2,186,497. Company insiders own 4.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc boosted its position in LendingClub by 5.7% during the 4th quarter. Legal & General Group Plc now owns 142,560 shares of the credit services provider’s stock valued at $375,000 after acquiring an additional 7,653 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in LendingClub by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 13,088,195 shares of the credit services provider’s stock valued at $34,423,000 after acquiring an additional 177,193 shares in the last quarter. Brighton Jones LLC boosted its position in LendingClub by 29.9% during the 1st quarter. Brighton Jones LLC now owns 208,754 shares of the credit services provider’s stock valued at $645,000 after acquiring an additional 48,039 shares in the last quarter. ARK Investment Management LLC boosted its position in LendingClub by 22.4% during the 1st quarter. ARK Investment Management LLC now owns 21,453,157 shares of the credit services provider’s stock valued at $66,290,000 after acquiring an additional 3,926,187 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in LendingClub by 10.7% during the 4th quarter. Geode Capital Management LLC now owns 4,048,074 shares of the credit services provider’s stock valued at $10,646,000 after acquiring an additional 392,103 shares in the last quarter.

About LendingClub

LendingClub Corporation operates an online lending marketplace platform that connects borrowers and investors in the United States. The company's marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, unsecured education and patient installment loans, auto refinance loans, and small business loans.

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