LendingClub (LC) Lowered to Hold at Zacks Investment Research

LendingClub (NYSE:LC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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. “

LC has been the topic of a number of other research reports. Maxim Group restated a “buy” rating and issued a $4.50 target price on shares of LendingClub in a research note on Wednesday, February 20th. Wedbush upgraded LendingClub from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $3.75 to $5.00 in a research note on Wednesday, May 8th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. LendingClub has a consensus rating of “Hold” and an average price target of $4.88.

LC stock opened at $3.39 on Tuesday. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -48.43 and a beta of 1.67. The company has a debt-to-equity ratio of 2.27, a current ratio of 4.88 and a quick ratio of 3.93. LendingClub has a 52-week low of $2.46 and a 52-week high of $4.55.

LendingClub (NYSE:LC) last announced its earnings results on Tuesday, May 7th. The credit services provider reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). LendingClub had a negative return on equity of 3.19% and a negative net margin of 16.31%. The firm had revenue of $174.40 million for the quarter, compared to the consensus estimate of $170.45 million. During the same quarter in the previous year, the business earned $0.01 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. On average, analysts forecast that LendingClub will post -0.04 EPS for the current year.

In related news, CFO Thomas W. Casey purchased 15,000 shares of the stock in a transaction that occurred on Thursday, February 28th. The shares were bought at an average price of $2.98 per share, with a total value of $44,700.00. Following the acquisition, the chief financial officer now owns 190,805 shares of the company’s stock, valued at approximately $568,598.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mary G. Meeker sold 276,500 shares of LendingClub stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $3.41, for a total transaction of $942,865.00. The disclosure for this sale can be found here. Insiders sold a total of 529,063 shares of company stock worth $1,788,388 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Several large investors have recently bought and sold shares of LC. Renaissance Technologies LLC purchased a new stake in shares of LendingClub during the 3rd quarter worth about $194,000. Teachers Advisors LLC raised its stake in shares of LendingClub by 2.9% during the 3rd quarter. Teachers Advisors LLC now owns 662,045 shares of the credit services provider’s stock worth $2,569,000 after purchasing an additional 18,898 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of LendingClub by 7.1% during the 3rd quarter. Vanguard Group Inc. now owns 33,949,574 shares of the credit services provider’s stock worth $131,725,000 after purchasing an additional 2,264,051 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of LendingClub during the 4th quarter worth about $220,000. Finally, Joel Isaacson & Co. LLC raised its stake in shares of LendingClub by 12.1% during the 4th quarter. Joel Isaacson & Co. LLC now owns 141,082 shares of the credit services provider’s stock worth $426,000 after purchasing an additional 15,198 shares in the last quarter. 87.59% of the stock is currently owned by institutional investors.

About LendingClub

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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