Andrew Labenne Sells 17,955 Shares of LendingClub Corporation (NYSE:LC) Stock

Key Points

• LendingClub Corporation CFO Andrew Labenne sold 17,955 shares of the company’s stock for $298,950.75, resulting in a 9.16% decrease in his ownership.
• The company reported earnings per share of $0.33, exceeding analysts' estimates by $0.18 and demonstrating a 14.1% revenue growth compared to the same quarter last year.
• Analysts' ratings for LendingClub range from "sell" to "overweight," with an average price target of $16.57, indicating mixed sentiment among investors.

LendingClub Corporation (NYSE:LC - Get Free Report) CFO Andrew Labenne sold 17,955 shares of the company's 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 sale, the chief financial officer owned 178,111 shares of the company's stock, valued at approximately $2,965,548.15. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

LendingClub Price Performance

LC stock traded down $0.32 during mid-day trading on Tuesday, reaching $15.74. The company had a trading volume of 509,105 shares, compared to its average volume of 1,721,873. The firm has a 50 day moving average of $12.06 and a 200 day moving average of $11.76. LendingClub Corporation has a 12 month low of $7.90 and a 12 month high of $18.75. The company has a market capitalization of $1.80 billion, a PE ratio of 24.63 and a beta of 2.46.

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 during 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. Analysts anticipate that LendingClub Corporation will post 0.72 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Wall Street Zen upgraded shares of LendingClub from a "sell" rating to a "hold" rating in a report on Saturday. Keefe, Bruyette & Woods lifted 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. Stephens started coverage on shares of LendingClub in a research note on Thursday, June 12th. They set an "overweight" rating and a $15.00 price target on the stock. Piper Sandler set a $15.50 target price on shares of LendingClub and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, Citigroup assumed coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $16.57.

Institutional Trading of LendingClub

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd increased its holdings in LendingClub by 167.3% in the second quarter. Y Intercept Hong Kong Ltd now owns 129,990 shares of the credit services provider's stock valued at $1,564,000 after buying an additional 81,365 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of LendingClub by 18.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 46,771 shares of the credit services provider's stock valued at $563,000 after purchasing an additional 7,431 shares during the period. MQS Management LLC acquired a new stake in shares of LendingClub in the second quarter valued at about $121,000. AlphaQuest LLC grew its position in shares of LendingClub by 48.9% in the second quarter. AlphaQuest LLC now owns 60,831 shares of the credit services provider's stock valued at $732,000 after purchasing an additional 19,967 shares during the period. Finally, Asset Management One Co. Ltd. grew its position in shares of LendingClub by 7.4% in the second quarter. Asset Management One Co. Ltd. now owns 10,232 shares of the credit services provider's stock valued at $123,000 after purchasing an additional 706 shares during the period. Institutional investors and hedge funds own 74.08% 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.