LendingClub (NYSE:LC) Downgraded to Hold at Zacks Investment Research
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. “
Several other equities research analysts have also recently commented on the company. Morgan Stanley cut their target price on LendingClub from $23.75 to $17.00 and set an equal weight rating on the stock in a research note on Friday, July 12th. ValuEngine cut LendingClub from a hold rating to a sell rating in a research note on Tuesday, September 10th. Finally, Maxim Group set a $23.00 target price on LendingClub and gave the company a buy rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $20.50.
LendingClub (NYSE:LC) last issued its quarterly earnings data on Tuesday, August 6th. The credit services provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.09. The business had revenue of $190.80 million during the quarter, compared to analyst estimates of $192.04 million. LendingClub had a negative return on equity of 2.67% and a negative net margin of 9.14%. LendingClub’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS. Equities research analysts predict that LendingClub will post -0.13 EPS for the current fiscal year.
In other LendingClub news, insider Valerie Kay sold 9,500 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 242,981 shares in the company, valued at approximately $724,083.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Timothy Bogan sold 10,463 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $14.34, for a total value of $150,039.42. Following the completion of the sale, the insider now owns 59,541 shares in the company, valued at approximately $853,817.94. The disclosure for this sale can be found here. Insiders sold a total of 26,163 shares of company stock worth $271,231 in the last 90 days. Company insiders own 4.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Nikko Asset Management Americas Inc. raised its stake in shares of LendingClub by 35.2% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 25,692,140 shares of the credit services provider’s stock worth $84,270,000 after purchasing an additional 6,690,424 shares in the last quarter. BlackRock Inc. raised its stake in shares of LendingClub by 1.8% during the 2nd quarter. BlackRock Inc. now owns 24,733,574 shares of the credit services provider’s stock worth $81,126,000 after purchasing an additional 425,690 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of 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 worth $66,290,000 after purchasing an additional 3,926,187 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 worth $34,423,000 after purchasing an additional 177,193 shares in the last quarter. Finally, HarbourVest Partners LLC raised its stake in shares of LendingClub by 3.5% during the 2nd quarter. HarbourVest Partners LLC now owns 2,567,206 shares of the credit services provider’s stock worth $8,420,000 after purchasing an additional 87,000 shares in the last quarter.
LendingClub Company Profile
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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