LendingClub Corporation (LC) Receives New Coverage from Analysts at Maxim Group

Maxim Group assumed coverage on shares of LendingClub Corporation (NYSE:LC) in a research note published on Tuesday, November 7th, MarketBeat.com reports. The firm issued a buy rating and a $8.00 target price on the credit services provider’s stock.

“We are initiating coverage of LendingClub Corporation with a Buy Rating and a 12-month price target of $8. With better management, lower expenses, and stable credit quality, LC is positioned for strong EBITDA growth.”,” Maxim Group’s analyst commented.

Several other research firms have also commented on LC. Vetr lowered LendingClub Corporation from a strong-buy rating to a hold rating and set a $6.55 target price for the company. in a report on Wednesday, August 9th. Zacks Investment Research lowered LendingClub Corporation from a hold rating to a sell rating in a report on Tuesday, October 10th. ValuEngine lowered LendingClub Corporation from a hold rating to a sell rating in a report on Monday, October 2nd. Canaccord Genuity reissued a hold rating and issued a $7.00 price objective on shares of LendingClub Corporation in a report on Sunday, October 1st. Finally, Stifel Nicolaus reissued a hold rating and issued a $6.50 price objective on shares of LendingClub Corporation in a report on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. LendingClub Corporation has a consensus rating of Hold and an average price target of $6.89.

Shares of LendingClub Corporation (NYSE LC) opened at $4.26 on Tuesday. LendingClub Corporation has a one year low of $4.05 and a one year high of $6.78. The company has a quick ratio of 16.90, a current ratio of 18.02 and a debt-to-equity ratio of 3.52.

In related news, Director John J. Mack purchased 20,000 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were acquired at an average cost of $4.28 per share, with a total value of $85,600.00. Following the completion of the purchase, the director now owns 1,513,673 shares of the company’s stock, valued at approximately $6,478,520.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Timothy Bogan sold 15,204 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $6.09, for a total transaction of $92,592.36. Following the completion of the transaction, the insider now directly owns 120,946 shares in the company, valued at $736,561.14. The disclosure for this sale can be found here. Insiders sold 213,722 shares of company stock valued at $1,218,831 in the last 90 days. Corporate insiders own 11.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of LC. BlackRock Inc. increased its stake in shares of LendingClub Corporation by 3,276.7% in the first quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock worth $121,326,000 after acquiring an additional 21,445,128 shares during the last quarter. JPMorgan Chase & Co. increased its position in LendingClub Corporation by 497.8% during the second quarter. JPMorgan Chase & Co. now owns 3,345,149 shares of the credit services provider’s stock worth $18,432,000 after buying an additional 2,785,549 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in LendingClub Corporation by 1,324.3% during the second quarter. Nikko Asset Management Americas Inc. now owns 2,908,500 shares of the credit services provider’s stock worth $16,026,000 after buying an additional 2,704,300 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in LendingClub Corporation by 1,284.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,791,600 shares of the credit services provider’s stock worth $15,382,000 after buying an additional 2,590,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in LendingClub Corporation by 142.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,672,729 shares of the credit services provider’s stock worth $20,163,000 after buying an additional 2,159,066 shares during the last quarter. 87.91% of the stock is currently owned by institutional investors and hedge funds.

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About LendingClub Corporation

LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.

Analyst Recommendations for LendingClub Corporation (NYSE:LC)

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