LendingClub (NYSE:LC) Given New $18.00 Price Target at BTIG Research

Key Points

• BTIG Research raised its price target for LendingClub from $16.00 to $18.00, indicating a potential upside of 8.96% based on the stock's previous closing price.
• LendingClub reported strong quarterly results with an EPS of $0.37, exceeding analyst expectations of $0.30, and a revenue increase of 31.8% year-over-year.
• CEO Scott Sanborn sold 30,000 shares of LendingClub stock, representing a 2.36% decrease in his ownership, signaling potential insider profit-taking.

LendingClub (NYSE:LC - Get Free Report) had its price target hoisted by investment analysts at BTIG Research from $16.00 to $18.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the credit services provider's stock. BTIG Research's price objective suggests a potential upside of 8.96% from the company's previous close.

A number of other equities research analysts have also commented on LC. Citizens Jmp began coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Weiss Ratings restated a "hold (c)" rating on shares of LendingClub in a research report on Wednesday, October 8th. Zacks Research lowered LendingClub from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 29th. Citigroup began coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Piper Sandler set a $15.50 price target on LendingClub and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $17.75.

LendingClub Trading Down 1.2%

Shares of LC opened at $16.52 on Thursday. LendingClub has a 1 year low of $7.90 and a 1 year high of $18.75. The stock has a 50 day simple moving average of $16.24 and a 200-day simple moving average of $13.14. The stock has a market cap of $1.90 billion, a PE ratio of 25.81 and a beta of 2.48.

LendingClub (NYSE:LC - Get Free Report) last released its quarterly earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.07. The business had revenue of $266.23 million for the quarter, compared to analyst estimates of $256.27 million. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.LendingClub's revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.13 EPS. On average, sell-side analysts forecast that LendingClub will post 0.72 EPS for the current fiscal year.

Insider Buying and Selling at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 30,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total transaction of $511,200.00. Following the transaction, the chief executive officer owned 1,240,070 shares of the company's stock, valued at $21,130,792.80. The trade was a 2.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Erin Selleck sold 2,390 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $16.82, for a total value of $40,199.80. Following the transaction, the director directly owned 73,987 shares in the company, valued at approximately $1,244,461.34. This trade represents a 3.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,248 shares of company stock valued at $1,706,038 in the last 90 days. 3.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On LendingClub

A number of institutional investors have recently bought and sold shares of the business. Range Financial Group LLC acquired a new position in LendingClub during the third quarter worth approximately $1,244,000. Sheets Smith Wealth Management acquired a new position in LendingClub during the third quarter worth approximately $278,000. Sheets Smith Investment Management bought a new stake in shares of LendingClub during the third quarter worth approximately $660,000. Assenagon Asset Management S.A. boosted its holdings in shares of LendingClub by 184.1% during the third quarter. Assenagon Asset Management S.A. now owns 2,121,802 shares of the credit services provider's stock worth $32,230,000 after acquiring an additional 1,375,002 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in shares of LendingClub by 8.8% during the second quarter. Osaic Holdings Inc. now owns 13,354 shares of the credit services provider's stock worth $160,000 after acquiring an additional 1,084 shares during the period. Institutional investors and hedge funds own 74.08% of the company's stock.

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.

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