Invst LLC Purchases New Shares in LendingClub Corporation $LC

Key Points

• Invst LLC acquired a new position in LendingClub Corporation by purchasing 28,874 shares, valued at approximately $298,000, during the 1st quarter.
• Wellington Management Group significantly boosted its holdings in LendingClub by 353.1% during the last quarter, now owning nearly 3.8 million shares valued at over $61 million.
• Analysts have a consensus target price of $16.57 for LendingClub, with ratings indicating a "Moderate Buy" outlook based on recent earnings surpassing expectations.

Invst LLC purchased a new position in LendingClub Corporation (NYSE:LC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,874 shares of the credit services provider's stock, valued at approximately $298,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of LendingClub by 353.1% during the 4th quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider's stock valued at $61,515,000 after buying an additional 2,961,050 shares in the last quarter. Nuveen LLC purchased a new position in LendingClub during the 1st quarter valued at about $16,329,000. Boothbay Fund Management LLC lifted its position in LendingClub by 454.0% during the 1st quarter. Boothbay Fund Management LLC now owns 709,580 shares of the credit services provider's stock valued at $7,323,000 after acquiring an additional 581,491 shares during the period. Long Focus Capital Management LLC boosted its stake in LendingClub by 26.4% during the first quarter. Long Focus Capital Management LLC now owns 2,034,725 shares of the credit services provider's stock worth $20,998,000 after acquiring an additional 425,000 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its holdings in LendingClub by 8.6% in the first quarter. Driehaus Capital Management LLC now owns 3,897,322 shares of the credit services provider's stock worth $40,220,000 after purchasing an additional 308,523 shares during the period. Hedge funds and other institutional investors own 74.08% of the company's stock.

Wall Street Analysts Forecast Growth

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

LendingClub Trading Down 0.2%

LendingClub stock opened at $16.69 on Friday. LendingClub Corporation has a 12 month low of $7.90 and a 12 month high of $18.75. The stock has a fifty day simple moving average of $14.96 and a two-hundred day simple moving average of $12.14. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 26.08 and a beta of 2.53.

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

Insider Buying and Selling at LendingClub

In related news, Director Erin Selleck sold 2,390 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $16.82, for a total transaction of $40,199.80. Following the transaction, the director owned 73,987 shares in the company, valued at $1,244,461.34. This represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Labenne sold 17,955 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was 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 owned 178,111 shares in the company, valued at $2,965,548.15. This represents a 9.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,095 shares of company stock worth $1,031,273. Company insiders own 3.19% of the company's stock.

LendingClub Company 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.

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