LendingClub Corporation (LC) Announces Quarterly Earnings Results, Meets Estimates
LendingClub Corporation (NYSE:LC) issued its quarterly earnings data on Monday. The credit services provider reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06), Briefing.com reports. The firm had revenue of $139.60 million during the quarter, compared to analysts’ expectations of $134.02 million. LendingClub Corporation had a negative return on equity of 14.31% and a negative net margin of 38.40%. LendingClub Corporation’s revenue was up 35.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) earnings per share.
Shares of LendingClub Corporation (LC) traded up 4.80% during midday trading on Monday, hitting $5.46. The stock had a trading volume of 12,487,822 shares. The company’s 50-day moving average price is $5.43 and its 200-day moving average price is $5.63. LendingClub Corporation has a 12-month low of $4.30 and a 12-month high of $6.78. The firm’s market cap is $2.21 billion.
LC has been the subject of several research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $8.00 price objective on shares of LendingClub Corporation in a report on Tuesday, April 18th. Zacks Investment Research cut LendingClub Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Vetr raised LendingClub Corporation from a “hold” rating to a “buy” rating and set a $6.10 price objective for the company in a report on Wednesday, May 24th. UBS AG raised LendingClub Corporation from a “market perform” rating to an “outperform” rating in a report on Thursday. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $7.00 price objective on shares of LendingClub Corporation in a report on Monday, May 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $6.51.
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In other news, insider Timothy Bogan sold 54,090 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $5.84, for a total value of $315,885.60. Following the completion of the sale, the insider now owns 160,739 shares in the company, valued at $938,715.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Sameer Gulati sold 8,305 shares of the 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 sale, the chief operating officer now owns 265,657 shares of the company’s stock, valued at approximately $1,349,537.56. The disclosure for this sale can be found here. Insiders sold 463,239 shares of company stock valued at $2,677,984 in the last 90 days. Corporate insiders own 11.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Prudential Financial Inc. increased its stake in LendingClub Corporation by 3.6% in the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock worth $119,000 after buying an additional 760 shares during the period. Teacher Retirement System of Texas increased its stake in LendingClub Corporation by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock worth $131,000 after buying an additional 5,130 shares during the period. Blair William & Co. IL increased its stake in LendingClub Corporation by 11.3% in the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock worth $144,000 after buying an additional 2,650 shares during the period. Malaga Cove Capital LLC increased its stake in LendingClub Corporation by 3.7% in the first quarter. Malaga Cove Capital LLC now owns 27,800 shares of the credit services provider’s stock worth $147,000 after buying an additional 1,000 shares during the period. Finally, Two Sigma Investments LP purchased a new stake in LendingClub Corporation during the fourth quarter worth approximately $167,000. Institutional investors own 90.92% of the company’s stock.
About LendingClub Corporation
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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