LendingClub Corporation (LC) Downgraded to “Hold” at Vetr Inc.

LendingClub Corporation (NYSE:LC) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, August 9th. They currently have a $6.55 price objective on the credit services provider’s stock. Vetr‘s price target would indicate a potential upside of 9.90% from the stock’s previous close.

LC has been the subject of a number of other research reports. BidaskClub downgraded shares of LendingClub Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Zacks Investment Research downgraded shares of LendingClub Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. UBS AG upgraded shares of LendingClub Corporation from a “neutral” rating to a “positive” rating in a report on Monday, May 1st. FBR & Co restated a “market perform” rating and set a $6.50 price target on shares of LendingClub Corporation in a report on Friday, May 5th. Finally, Stifel Nicolaus began coverage on shares of LendingClub Corporation in a report on Wednesday, April 19th. They set a “hold” rating and a $6.00 price target for the company. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $6.78.

Shares of LendingClub Corporation (LC) traded up 2.23% on Wednesday, hitting $5.96. The company’s stock had a trading volume of 12,698,049 shares. The firm’s market cap is $2.45 billion. The stock has a 50-day moving average price of $5.45 and a 200 day moving average price of $5.62. LendingClub Corporation has a one year low of $4.64 and a one year high of $6.78.

LendingClub Corporation (NYSE:LC) last released its quarterly earnings data on Monday, August 7th. The credit services provider reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.06). The company had revenue of $139.60 million during the quarter, compared to the consensus estimate of $134.02 million. LendingClub Corporation had a negative net margin of 24.52% and a negative return on equity of 11.97%. LendingClub Corporation’s quarterly revenue was up 35.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.09) EPS. Equities research analysts predict that LendingClub Corporation will post $0.04 EPS for the current year.

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In other news, insider Sandeep Bhandari sold 69,050 shares of LendingClub Corporation stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $5.87, for a total transaction of $405,323.50. Following the completion of the sale, the insider now directly owns 47,737 shares of the company’s stock, valued at approximately $280,216.19. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Sameer Gulati sold 8,305 shares of LendingClub Corporation stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $5.08, for a total transaction of $42,189.40. Following the sale, the chief operating officer now directly owns 265,657 shares of the company’s stock, valued at $1,349,537.56. The disclosure for this sale can be found here. Insiders sold a total of 329,846 shares of company stock valued at $1,882,204 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of LendingClub Corporation by 3,276.7% in the first quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock valued at $121,326,000 after buying an additional 21,445,128 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new position in LendingClub Corporation during the first quarter worth approximately $32,440,000. JPMorgan Chase & Co. raised its position in LendingClub Corporation by 497.8% in the second quarter. JPMorgan Chase & Co. now owns 3,345,149 shares of the credit services provider’s stock worth $18,432,000 after buying an additional 2,785,549 shares in the last quarter. Nikko Asset Management Americas Inc. raised its position in LendingClub Corporation by 1,324.3% in the second quarter. Nikko Asset Management Americas Inc. now owns 2,908,500 shares of the credit services provider’s stock worth $16,026,000 after buying an additional 2,704,300 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in LendingClub Corporation by 1,284.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,791,600 shares of the credit services provider’s stock worth $15,382,000 after buying an additional 2,590,000 shares in the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

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.

To view Vetr’s full report, visit Vetr’s official website.

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