LendingClub (NYSE:LC) Trading Down 6.3% – Here’s Why

LendingClub Co. (NYSE:LC) shares were down 6.3% during trading on Tuesday . The stock traded as low as $15.91 and last traded at $16.14. Approximately 798,485 shares changed hands during trading, a decline of 37% from the average daily volume of 1,261,927 shares. The stock had previously closed at $17.23.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $17.00 target price (up previously from $14.00) on shares of LendingClub in a report on Monday, December 2nd. Keefe, Bruyette & Woods raised their target price on shares of LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler upped their price target on shares of LendingClub from $15.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday. Wedbush boosted their price objective on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, LendingClub currently has an average rating of “Moderate Buy” and an average price target of $16.63.

LendingClub Price Performance

The firm’s 50 day moving average is $15.90 and its 200 day moving average is $12.65. The company has a market cap of $1.81 billion, a PE ratio of 35.07 and a beta of 2.03.

LendingClub (NYSE:LC) last released its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. The firm had revenue of $201.90 million during the quarter, compared to analyst estimates of $190.40 million. LendingClub had a net margin of 6.85% and a return on equity of 4.02%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. As a group, analysts anticipate that LendingClub Co. will post 0.47 EPS for the current year.

Insider Buying and Selling

In other LendingClub news, Director John C. Morris sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total transaction of $35,900.00. Following the completion of the transaction, the director now owns 203,348 shares of the company’s stock, valued at $2,920,077.28. This represents a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $16.12, for a total value of $274,040.00. Following the transaction, the chief executive officer now owns 1,312,184 shares of the company’s stock, valued at approximately $21,152,406.08. This represents a 1.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,500 shares of company stock worth $1,158,610 in the last 90 days. 3.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On LendingClub

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. raised its stake in shares of LendingClub by 120.3% in the third quarter. Assenagon Asset Management S.A. now owns 1,517,986 shares of the credit services provider’s stock worth $17,351,000 after purchasing an additional 828,958 shares during the last quarter. Point72 Asset Management L.P. raised its stake in LendingClub by 98.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,547,342 shares of the credit services provider’s stock worth $17,686,000 after acquiring an additional 766,287 shares during the period. American Century Companies Inc. raised its position in shares of LendingClub by 24.8% during the 2nd quarter. American Century Companies Inc. now owns 1,658,679 shares of the credit services provider’s stock valued at $14,032,000 after purchasing an additional 329,279 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of LendingClub by 5.4% in the second quarter. Dimensional Fund Advisors LP now owns 5,898,545 shares of the credit services provider’s stock valued at $49,901,000 after acquiring an additional 300,536 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in LendingClub in the 2nd quarter worth approximately $2,412,000. Institutional investors own 74.08% of the company’s stock.

LendingClub Company Profile

LendingClub Corporation, operates as a bank holding company, that provides range of financial products and services in the United States. It offers deposit products, including savings accounts, checking accounts, and certificates of deposit. The company also provides loan products, such as consumer loans comprising unsecured personal loans, secured auto refinance loans, and patient and education finance loans; and commercial loans, including small business loans.