LendingClub (NYSE:LC) Trading Down 3.9% - What's Next?

Key Points

• LendingClub's stock price decreased by 3.9%, closing at $15.89, with a significant drop in trading volume of 92% compared to its average.
• Analysts have a consensus rating of "Moderate Buy" for LendingClub, with a price target of $16.57, after recent upgrades and coverage from multiple financial firms.
• During its latest earnings report, LendingClub reported earnings per share of $0.33, surpassing estimates, contributing to a year-over-year revenue increase of 14.1%.

LendingClub Corporation (NYSE:LC - Get Free Report)'s stock price was down 3.9% during mid-day trading on Monday . The company traded as low as $16.18 and last traded at $15.89. Approximately 125,405 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,663,358 shares. The stock had previously closed at $16.54.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on LC shares. Keefe, Bruyette & Woods boosted their price objective on LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Citizens Jmp started coverage on LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Piper Sandler set a $15.50 price objective on LendingClub and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Wall Street Zen raised LendingClub from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Stephens started coverage on LendingClub in a research note on Thursday, June 12th. They issued an "overweight" rating and a $15.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $16.57.

LendingClub Trading Down 2.0%

The business has a fifty day simple moving average of $15.86 and a 200 day simple moving average of $12.55. The stock has a market capitalization of $1.86 billion, a P/E ratio of 25.31 and a beta of 2.53.

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

Insiders Place Their Bets

In other LendingClub news, CFO Andrew Labenne sold 20,903 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 $356,187.12. Following the completion of the sale, the chief financial officer directly owned 181,750 shares of the company's stock, valued at approximately $3,097,020. The trade was a 10.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 sale, the director directly owned 73,987 shares of the company's stock, valued at $1,244,461.34. This represents a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,748 shares of company stock valued at $1,840,123. Corporate insiders own 3.31% of the company's stock.

Hedge Funds Weigh In On LendingClub

Hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen LLC purchased a new position in LendingClub in the first quarter valued at approximately $16,329,000. Wellington Management Group LLP lifted its stake in LendingClub by 36.0% in the first quarter. Wellington Management Group LLP now owns 5,167,642 shares of the credit services provider's stock valued at $53,330,000 after purchasing an additional 1,368,057 shares during the last quarter. Senvest Management LLC lifted its position in shares of LendingClub by 23.5% during the second quarter. Senvest Management LLC now owns 5,881,290 shares of the credit services provider's stock worth $70,752,000 after acquiring an additional 1,117,241 shares in the last quarter. Azora Capital LP purchased a new stake in shares of LendingClub during the second quarter worth $8,030,000. Finally, Boothbay Fund Management LLC lifted its position in shares of LendingClub by 454.0% during the first quarter. Boothbay Fund Management LLC now owns 709,580 shares of the credit services provider's stock worth $7,323,000 after acquiring an additional 581,491 shares in the last quarter. Hedge funds and other institutional investors 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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