LendingClub Corporation $LC Stock Holdings Boosted 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 lifted its stake in LendingClub Corporation (NYSE:LC - Free Report) by 454.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and 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 approximately 0.62% of LendingClub worth $7,323,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of LC. Quarry LP lifted its position in LendingClub by 1,427.2% during the 1st quarter. Quarry LP now owns 2,810 shares of the credit services provider's stock valued at $29,000 after acquiring an additional 2,626 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in LendingClub in the 1st quarter worth about $35,000. Comerica Bank purchased a new position in LendingClub in the 4th quarter worth about $37,000. KBC Group NV purchased a new position in LendingClub in the first quarter worth about $67,000. Finally, Asset Management One Co. Ltd. boosted its position in 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 worth $98,000 after purchasing an additional 4,651 shares during the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LC. Keefe, Bruyette & Woods boosted their price objective on LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Wall Street Zen raised shares of LendingClub from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler set a $15.50 price target on shares of LendingClub and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Citigroup assumed coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Finally, Citizens Jmp began coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating for the company. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, LendingClub currently has an average rating of "Moderate Buy" and a consensus target price of $16.57.

LendingClub Stock Performance

Shares of NYSE:LC traded down $0.09 during midday trading on Monday, hitting $16.51. The company's stock had a trading volume of 1,338,119 shares, compared to its average volume of 1,697,598. The business's 50 day simple moving average is $14.55 and its 200 day simple moving average is $12.00. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $18.75. The company has a market cap of $1.89 billion, a P/E ratio of 25.79 and a beta of 2.53.

LendingClub (NYSE:LC - Get Free Report) last posted its earnings results on Tuesday, July 29th. The credit services provider reported $0.33 EPS 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 net margin of 8.36% and a return on equity of 5.66%. LendingClub's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. On average, sell-side analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

LendingClub 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.