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.
ILLEGAL ACTIVITY NOTICE: “LendingClub (LC) Trading Down 15.5% Following Analyst Downgrade” was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece on another site, it was stolen and reposted in violation of international copyright legislation. The legal version of this piece can be viewed at https://www.dispatchtribunal.com/2017/12/10/lendingclub-lc-trading-down-15-5-following-analyst-downgrade.html.
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.
Receive News & Ratings for LendingClub Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for LendingClub Corp and related companies with MarketBeat.com's FREE daily email newsletter.