LendingClub (NYSE:LC) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of LendingClub (NYSE:LC) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $17.00 target price on the credit services provider’s stock.

According to Zacks, “LendingClub Corporation provides internet financial services. The Company offers online marketplace for loan approval, pricing, servicing and support operations as well as regulatory and legal framework which connects borrowers and investors. LendingClub Corporation is headquartered in San Francisco, California. “

Other equities analysts have also recently issued research reports about the company. Maxim Group set a $23.00 price target on LendingClub and gave the stock a buy rating in a research note on Wednesday, August 7th. ValuEngine cut LendingClub from a hold rating to a sell rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley dropped their price target on LendingClub from $23.75 to $17.00 and set an equal weight rating on the stock in a research note on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $20.50.

Shares of LC opened at $14.49 on Tuesday. The business’s 50-day moving average price is $13.95 and its 200 day moving average price is $7.22. LendingClub has a 1-year low of $12.30 and a 1-year high of $20.15. The company has a debt-to-equity ratio of 2.11, a current ratio of 7.06 and a quick ratio of 5.81.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Tuesday, August 6th. The credit services provider reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.09. The firm had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $192.04 million. LendingClub had a negative return on equity of 2.67% and a negative net margin of 9.14%. LendingClub’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. On average, equities research analysts anticipate that LendingClub will post -0.13 earnings per share for the current year.

In other LendingClub news, insider Valerie Kay sold 9,500 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $2.98, for a total transaction of $28,310.00. Following the completion of the sale, the insider now directly owns 242,981 shares in the company, valued at approximately $724,083.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Steven Allocca acquired 14,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were acquired at an average price of $13.92 per share, with a total value of $194,880.00. The disclosure for this purchase can be found here. Insiders sold a total of 26,163 shares of company stock worth $271,231 in the last three months. 4.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in LC. Aperio Group LLC acquired a new stake in shares of LendingClub during the 2nd quarter valued at about $32,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in shares of LendingClub during the 2nd quarter valued at about $54,000. SG Americas Securities LLC acquired a new stake in shares of LendingClub during the 1st quarter valued at about $60,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of LendingClub during the 2nd quarter valued at about $66,000. Finally, Prudential Financial Inc. lifted its holdings in shares of LendingClub by 9.0% during the 2nd quarter. Prudential Financial Inc. now owns 23,470 shares of the credit services provider’s stock valued at $77,000 after buying an additional 1,930 shares during the last quarter.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace platform that connects borrowers and investors in the United States. The company's marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, unsecured education and patient installment loans, auto refinance loans, and small business loans.

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