LendingClub Corp. (LC) Upgraded at Zacks Investment Research
LendingClub Corp. (NYSE:LC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 subject of several other reports. Pacific Crest reaffirmed a “hold” rating on shares of LendingClub Corp. in a research note on Tuesday, August 9th. Vetr lowered shares of LendingClub Corp. from a “strong-buy” rating to a “buy” rating and set a $5.11 price objective for the company. in a research note on Monday, July 18th. BTIG Research set a $9.00 price objective on shares of LendingClub Corp. and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $4.30 price objective (down from $4.40) on shares of LendingClub Corp. in a research note on Tuesday, June 21st. Finally, Oppenheimer Holdings Inc. assumed coverage on shares of LendingClub Corp. in a research note on Thursday, August 4th. They set a “market perform” rating for the company. Five equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $12.51.
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Shares of LendingClub Corp. (NYSE:LC) opened at 5.79 on Wednesday. The stock has a 50 day moving average of $5.83 and a 200-day moving average of $5.58. LendingClub Corp. has a 52 week low of $3.44 and a 52 week high of $15.00. The stock’s market cap is $2.26 billion.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by $0.07. The firm had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $110.65 million. LendingClub Corp. had a negative return on equity of 2.93% and a negative net margin of 14.22%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 earnings per share. Equities research analysts predict that LendingClub Corp. will post ($0.14) earnings per share for the current fiscal year.
In other news, insider Sandeep Bhandari sold 9,771 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $5.55, for a total transaction of $54,229.05. Following the transaction, the insider now owns 219,600 shares in the company, valued at $1,218,780. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Sameer Gulati sold 5,826 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $5.60, for a total transaction of $32,625.60. Following the transaction, the chief operating officer now owns 964,797 shares in the company, valued at approximately $5,402,863.20. The disclosure for this sale can be found here. Insiders own 11.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. SHANDA ASSET MANAGEMENT HOLDINGS Ltd increased its position in LendingClub Corp. by 1,383.7% in the second quarter. SHANDA ASSET MANAGEMENT HOLDINGS Ltd now owns 57,739,270 shares of the company’s stock valued at $248,279,000 after buying an additional 53,847,715 shares during the period. Vanguard Group Inc. increased its position in LendingClub Corp. by 12.7% in the second quarter. Vanguard Group Inc. now owns 21,815,353 shares of the company’s stock valued at $93,806,000 after buying an additional 2,450,950 shares during the period. Jackson Square Partners LLC increased its position in LendingClub Corp. by 9.8% in the second quarter. Jackson Square Partners LLC now owns 10,109,634 shares of the company’s stock valued at $43,471,000 after buying an additional 905,734 shares during the period. Credit Suisse AG increased its position in LendingClub Corp. by 10.6% in the second quarter. Credit Suisse AG now owns 9,556,353 shares of the company’s stock valued at $41,092,000 after buying an additional 916,270 shares during the period. Finally, BlackRock Fund Advisors increased its position in LendingClub Corp. by 727.6% in the second quarter. BlackRock Fund Advisors now owns 8,206,163 shares of the company’s stock valued at $35,287,000 after buying an additional 7,214,645 shares during the period. Hedge funds and other institutional investors own 83.90% of the company’s stock.
About LendingClub Corp.
LendingClub Corporation (Lending Club) 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 is only available on a limited basis to large institutional investors.
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