Long Focus Capital Management LLC Purchases 425,000 Shares of LendingClub Corporation $LC

Key Points

• Long Focus Capital Management LLC has increased its stake in LendingClub Corporation by 26.4%, owning approximately 2,034,725 shares valued at about $21 million.
• Insider trading activity included CEO Scott Sanborn selling 5,250 shares and CFO Andrew Labenne selling 17,955 shares of LendingClub stock recently.
• LendingClub reported strong quarterly earnings, with an EPS of $0.33, exceeding analysts' expectations, and showed a 14.1% increase in year-over-year revenue.

Long Focus Capital Management LLC grew its holdings in LendingClub Corporation (NYSE:LC - Free Report) by 26.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,034,725 shares of the credit services provider's stock after buying an additional 425,000 shares during the quarter. Long Focus Capital Management LLC owned 1.78% of LendingClub worth $20,998,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Vident Advisory LLC acquired a new position in shares of LendingClub in the 1st quarter valued at $118,000. Magnetar Financial LLC acquired a new position in shares of LendingClub in the 1st quarter valued at $169,000. Driehaus Capital Management LLC raised its stake in shares of LendingClub by 8.6% in the 1st quarter. Driehaus Capital Management LLC now owns 3,897,322 shares of the credit services provider's stock valued at $40,220,000 after buying an additional 308,523 shares in the last quarter. Cramer Rosenthal Mcglynn LLC raised its stake in shares of LendingClub by 32.0% in the 1st quarter. Cramer Rosenthal Mcglynn LLC now owns 1,095,238 shares of the credit services provider's stock valued at $11,303,000 after buying an additional 265,577 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of LendingClub in the 1st quarter valued at $1,341,000. Institutional investors and hedge funds own 74.08% of the company's stock.

Insider Activity

In other news, CFO Andrew Labenne sold 17,955 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $16.65, for a total value of $298,950.75. Following the transaction, the chief financial officer owned 178,111 shares of the company's stock, valued at approximately $2,965,548.15. This trade represents a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Scott Sanborn sold 5,250 shares of LendingClub stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $12.98, for a total transaction of $68,145.00. Following the transaction, the chief executive officer directly owned 1,283,175 shares in the company, valued at $16,655,611.50. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,955 shares of company stock worth $545,648 in the last ninety days. Insiders own 3.31% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LC. Citigroup began coverage on shares of LendingClub in a research report on Monday, July 7th. They set a "market perform" rating for the company. Stephens began coverage on shares of LendingClub in a research report on Thursday, June 12th. They set an "overweight" rating and a $15.00 target price for the company. 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 research report on Wednesday, July 30th. Piper Sandler set a $15.50 price objective on shares of LendingClub and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Citizens Jmp initiated coverage on shares of LendingClub in a report on Monday, July 7th. They set a "market perform" rating on the stock. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $16.57.

LendingClub Stock Down 1.6%

NYSE:LC traded down $0.27 during mid-day trading on Wednesday, reaching $16.36. 1,398,575 shares of the company were exchanged, compared to its average volume of 1,708,018. The stock has a market cap of $1.88 billion, a PE ratio of 25.56 and a beta of 2.53. LendingClub Corporation has a 12 month low of $7.90 and a 12 month high of $18.75. The company has a fifty day moving average of $14.27 and a 200 day moving average of $11.96.

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