LendingClub Corporation $LC Shares Purchased by Boothbay Fund Management LLC

Key Points

• Boothbay Fund Management LLC increased its stake in LendingClub Corporation (NYSE: LC) by 454.0%, owning 709,580 shares valued at approximately $7.3 million after acquiring an additional 581,491 shares in the first quarter.
• Analysts have a consensus rating of "Moderate Buy" on LendingClub, with an average price target of $16.57, reflecting optimism for the company's growth potential.
• LendingClub reported earnings of $0.33 per share for the last quarter, exceeding expectations and marking a 14.1% year-over-year revenue increase to $248.44 million.

Boothbay Fund Management LLC raised its position in shares of LendingClub Corporation (NYSE:LC - Free Report) by 454.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 709,580 shares of the credit services provider's stock after buying an additional 581,491 shares during the period. Boothbay Fund Management LLC owned about 0.62% of LendingClub worth $7,323,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP lifted its stake in LendingClub by 1,427.2% during the 1st quarter. Quarry LP now owns 2,810 shares of the credit services provider's stock worth $29,000 after acquiring an additional 2,626 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in LendingClub during the first quarter worth about $35,000. Comerica Bank acquired a new stake in shares of LendingClub during the fourth quarter worth about $37,000. KBC Group NV purchased a new position in shares of LendingClub in the first quarter valued at approximately $67,000. Finally, Asset Management One Co. Ltd. grew its holdings in shares of LendingClub by 95.4% in the first quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider's stock valued at $98,000 after purchasing an additional 4,651 shares in the last quarter. Hedge funds and other institutional investors own 74.08% of the company's stock.

LendingClub Trading Down 1.2%

Shares of LC stock traded down $0.20 on Tuesday, reaching $16.30. 307,163 shares of the stock were exchanged, compared to its average volume of 1,689,880. The business's 50 day moving average price is $14.64 and its 200 day moving average price is $12.02. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 25.39 and a beta of 2.53. LendingClub Corporation has a twelve month low of $7.90 and a twelve month high of $18.75.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.18. The company had revenue of $248.44 million for the quarter, compared to analysts' expectations of $227.04 million. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.LendingClub's quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $0.13 earnings per share. Equities research analysts forecast that LendingClub Corporation will post 0.72 earnings per share for the current year.

Insider Activity

In other LendingClub news, CEO Scott Sanborn sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.65, for a total transaction of $499,500.00. Following the sale, the chief executive officer owned 1,270,070 shares of the company's stock, valued at approximately $21,146,665.50. This trade represents a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Labenne sold 17,955 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $16.65, for a total transaction of $298,950.75. Following the completion of the transaction, the chief financial officer owned 178,111 shares of the company's stock, valued at $2,965,548.15. This represents a 9.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,705 shares of company stock worth $991,073 in the last three months. Corporate insiders own 3.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LC shares. Keefe, Bruyette & Woods increased their target price on shares of LendingClub from $14.00 to $16.50 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Piper Sandler set a $15.50 price objective on LendingClub and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Stephens started coverage on LendingClub in a report on Thursday, June 12th. They issued an "overweight" rating and a $15.00 target price for the company. Citigroup started coverage on LendingClub in a report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Wall Street Zen upgraded LendingClub from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.57.

About LendingClub

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.