Boothbay Fund Management LLC Lowers Holdings in LendingClub Co. (NYSE:LC)

Boothbay Fund Management LLC trimmed its holdings in shares of LendingClub Co. (NYSE:LC - Free Report) by 79.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,089 shares of the credit services provider's stock after selling 495,723 shares during the quarter. Boothbay Fund Management LLC owned 0.11% of LendingClub worth $2,074,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of LendingClub by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 998,148 shares of the credit services provider's stock worth $11,409,000 after buying an additional 45,307 shares during the period. Victory Capital Management Inc. grew its position in LendingClub by 301.0% in the 4th quarter. Victory Capital Management Inc. now owns 54,687 shares of the credit services provider's stock valued at $885,000 after acquiring an additional 41,048 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in LendingClub during the fourth quarter worth about $1,696,000. Invesco Ltd. lifted its position in shares of LendingClub by 87.1% during the fourth quarter. Invesco Ltd. now owns 637,458 shares of the credit services provider's stock worth $10,320,000 after purchasing an additional 296,813 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of LendingClub during the fourth quarter worth about $470,000. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Scott Sanborn sold 5,250 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $10.00, for a total value of $52,500.00. Following the completion of the sale, the chief executive officer now owns 1,292,532 shares in the company, valued at $12,925,320. This represents a 0.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Jordan Cheng sold 7,000 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.10, for a total transaction of $98,700.00. Following the transaction, the general counsel now directly owns 88,263 shares in the company, valued at $1,244,508.30. The trade was a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,750 shares of company stock valued at $491,905. Insiders own 3.31% of the company's stock.

LendingClub Stock Performance

LC stock traded up $0.46 during midday trading on Friday, reaching $10.35. 2,252,877 shares of the company were exchanged, compared to its average volume of 1,629,773. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 23.00 and a beta of 2.35. LendingClub Co. has a 1-year low of $7.81 and a 1-year high of $18.75. The stock's 50-day simple moving average is $10.47 and its 200 day simple moving average is $13.57.

LendingClub (NYSE:LC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share for the quarter, meeting analysts' consensus estimates of $0.10. LendingClub had a net margin of 6.52% and a return on equity of 4.16%. The firm had revenue of $217.71 million during the quarter, compared to analysts' expectations of $213.71 million. During the same period in the previous year, the company earned $0.11 earnings per share. LendingClub's quarterly revenue was up 21670.0% compared to the same quarter last year. On average, research analysts anticipate that LendingClub Co. will post 0.72 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods cut their target price on shares of LendingClub from $15.00 to $14.00 and set an "outperform" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their price objective on LendingClub from $17.00 to $14.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. StockNews.com upgraded LendingClub from a "sell" rating to a "hold" rating in a report on Friday, April 4th. Finally, Piper Sandler reissued an "overweight" rating and set a $19.00 target price (down from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, LendingClub presently has a consensus rating of "Moderate Buy" and an average target price of $15.75.

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.