LendingClub (LC) Trading Down 15.5% Following Analyst Downgrade

Shares of LendingClub Corp (NYSE:LC) dropped 15.5% during trading on Friday after Stifel Nicolaus lowered their price target on the stock from $5.00 to $4.50. Stifel Nicolaus currently has a hold rating on the stock. LendingClub traded as low as $3.29 and last traded at $3.59. Approximately 47,964,900 shares were traded during trading, an increase of 645% from the average daily volume of 6,435,720 shares. The stock had previously closed at $4.25.

Several other analysts have also recently commented on LC. Credit Suisse Group restated a “neutral” rating and set a $8.00 price target on shares of LendingClub in a report on Thursday, August 10th. Canaccord Genuity reiterated a “hold” rating and issued a $7.00 target price on shares of LendingClub in a research note on Thursday, August 10th. Citigroup reiterated a “neutral” rating and issued a $6.50 target price (up from $6.00) on shares of LendingClub in a research note on Thursday, August 10th. ValuEngine cut shares of LendingClub from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Finally, Wedbush set a $6.00 target price on shares of LendingClub and gave the company a “hold” rating in a research note on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $6.67.

In other news, Director John J. Mack purchased 20,000 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were bought at an average price of $4.28 per share, with a total value of $85,600.00. Following the completion of the transaction, the director now directly owns 1,513,673 shares in the company, valued at approximately $6,478,520.44. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas W. Casey purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was purchased at an average cost of $4.17 per share, for a total transaction of $41,700.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 88,765 shares of company stock worth $458,573. Insiders own 9.72% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of LendingClub in the third quarter valued at approximately $103,000. Prudential Financial Inc. raised its position in shares of LendingClub by 5.4% in the second quarter. Prudential Financial Inc. now owns 22,850 shares of the credit services provider’s stock valued at $126,000 after purchasing an additional 1,170 shares during the period. Teacher Retirement System of Texas raised its position in shares of LendingClub by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock valued at $131,000 after purchasing an additional 5,130 shares during the period. Blair William & Co. IL raised its position in shares of LendingClub by 11.3% in the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock valued at $144,000 after purchasing an additional 2,650 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of LendingClub in the second quarter valued at approximately $150,000. 86.84% of the stock is currently owned by institutional investors.

The company has a quick ratio of 16.90, a current ratio of 18.02 and a debt-to-equity ratio of 3.52.

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LendingClub Company Profile

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.

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