Edgestream Partners L.P. Buys 61,770 Shares of LendingClub Corporation $LC

Key Points

• Edgestream Partners increased its LendingClub stake by 64.8% in the first quarter, purchasing 61,770 shares to hold 157,040 shares worth approximately $2.25 million. Institutional investors collectively own 74.08% of the company.
• LendingClub shares opened at $19.21, near their 52-week high of $21.67, with a market capitalization of about $2.22 billion. The stock’s average analyst rating is “Moderate Buy”, with a consensus price target of $23.07.
• Company insiders sold 119,750 shares worth roughly $2.18 million over the past three months, including sales by the CEO and a senior vice president under pre-arranged Rule 10b5-1 plans.

Edgestream Partners L.P. lifted its stake in shares of LendingClub Corporation (NYSE:LC - Free Report) by 64.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157,040 shares of the credit services provider's stock after purchasing an additional 61,770 shares during the period. Edgestream Partners L.P. owned 0.14% of LendingClub worth $2,249,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. International Assets Investment Management LLC bought a new stake in shares of LendingClub in the fourth quarter valued at $40,000. Kestra Advisory Services LLC bought a new position in shares of LendingClub during the 4th quarter worth $44,000. Quarry LP grew its stake in shares of LendingClub by 343.0% during the 3rd quarter. Quarry LP now owns 3,030 shares of the credit services provider's stock worth $46,000 after acquiring an additional 2,346 shares during the period. Larson Financial Group LLC increased its holdings in LendingClub by 1,435.4% in the 4th quarter. Larson Financial Group LLC now owns 3,040 shares of the credit services provider's stock worth $58,000 after acquiring an additional 2,842 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in LendingClub in the 3rd quarter worth about $59,000. Institutional investors own 74.08% of the company's stock.

Insiders Place Their Bets

In other LendingClub news, CEO Scott Sanborn sold 23,851 shares of LendingClub stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $17.86, for a total transaction of $425,978.86. Following the completion of the sale, the chief executive officer directly owned 1,594,712 shares in the company, valued at $28,481,556.32. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Fergal Stack sold 60,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $19.00, for a total transaction of $1,140,000.00. Following the completion of the transaction, the senior vice president directly owned 204,977 shares of the company's stock, valued at approximately $3,894,563. This represents a 22.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 119,750 shares of company stock worth $2,183,691 over the last three months. Company insiders own 3.19% of the company's stock.

LendingClub Price Performance

Shares of NYSE LC opened at $19.21 on Monday. The stock's 50-day simple moving average is $18.59 and its two-hundred day simple moving average is $17.09. LendingClub Corporation has a twelve month low of $10.74 and a twelve month high of $21.67. The firm has a market capitalization of $2.22 billion, a P/E ratio of 12.89 and a beta of 1.98.

Wall Street Analyst Weigh In

LC has been the topic of several recent research reports. Stephens reaffirmed an "overweight" rating and set a $22.50 price objective (up from $21.00) on shares of LendingClub in a report on Tuesday, April 28th. Zacks Research upgraded shares of LendingClub from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of LendingClub in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.07.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.

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