LendingClub Corporation (LC) Stock Rating Reaffirmed by Wedbush

LendingClub Corporation (NYSE:LC)‘s stock had its “neutral” rating reaffirmed by analysts at Wedbush in a research note issued on Tuesday, August 8th. They presently have a $5.00 price target on the credit services provider’s stock. Wedbush’s price objective suggests a potential downside of 16.11% from the company’s previous close.

LC has been the subject of a number of other reports. Susquehanna Bancshares Inc raised shares of LendingClub Corporation from a “neutral” rating to a “positive” rating and upped their price objective for the company from $6.00 to $9.00 in a research note on Monday, May 1st. UBS AG raised shares of LendingClub Corporation from a “neutral” rating to a “positive” rating in a research note on Monday, May 1st. Vetr raised shares of LendingClub Corporation from a “hold” rating to a “buy” rating and set a $6.10 price objective for the company in a research note on Wednesday, May 24th. FBR & Co reaffirmed a “market perform” rating and set a $6.50 price objective on shares of LendingClub Corporation in a research note on Monday, May 15th. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $7.00 price objective on shares of LendingClub Corporation in a research note on Monday, May 15th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $6.78.

LendingClub Corporation (LC) opened at 5.96 on Tuesday. The firm’s 50-day moving average is $5.45 and its 200 day moving average is $5.62. The stock’s market capitalization is $2.45 billion. LendingClub Corporation has a 12-month low of $4.64 and a 12-month high of $6.78.

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

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In other LendingClub Corporation news, COO Sameer Gulati sold 125,555 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $5.64, for a total transaction of $708,130.20. Following the transaction, the chief operating officer now owns 121,898 shares in the company, valued at $687,504.72. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Sandeep Bhandari sold 69,050 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $5.87, for a total value of $405,323.50. Following the transaction, the insider now owns 47,737 shares in the company, valued at approximately $280,216.19. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 329,846 shares of company stock valued at $1,882,204. 11.40% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC boosted its position in shares of LendingClub Corporation by 0.4% in the first quarter. SG Americas Securities LLC now owns 43,485 shares of the credit services provider’s stock worth $239,000 after buying an additional 171 shares during the period. Amalgamated Bank boosted its position in LendingClub Corporation by 0.7% in the second quarter. Amalgamated Bank now owns 41,156 shares of the credit services provider’s stock valued at $227,000 after buying an additional 276 shares during the period. Prudential Financial Inc. boosted its position 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 valued at $119,000 after buying an additional 760 shares during the period. Malaga Cove Capital LLC boosted its position 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 valued at $147,000 after buying an additional 1,000 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in LendingClub Corporation by 4.3% in the second quarter. Nisa Investment Advisors LLC now owns 36,240 shares of the credit services provider’s stock valued at $200,000 after buying an additional 1,500 shares during the period. Hedge funds and other institutional investors own 91.72% 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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