Short Interest in LendingClub Corp (NYSE:LC) Declines By 8.0%

LendingClub Corp (NYSE:LC) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 4,280,000 shares, a decrease of 8.0% from the August 30th total of 4,650,000 shares. Currently, 5.0% of the company’s stock are short sold. Based on an average daily volume of 698,900 shares, the short-interest ratio is currently 6.1 days.

In other LendingClub news, President Steven Allocca purchased 14,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average cost of $13.92 per share, with a total value of $194,880.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Timothy Bogan sold 10,463 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $14.34, for a total transaction of $150,039.42. Following the sale, the insider now directly owns 59,541 shares of the company’s stock, valued at $853,817.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,563 shares of company stock valued at $510,603. 4.20% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Aperio Group LLC acquired a new stake in LendingClub during the second quarter worth about $32,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in LendingClub during the second quarter worth about $54,000. Mizuho Securities Co. Ltd. acquired a new stake in LendingClub during the second quarter worth about $66,000. Prudential Financial Inc. raised its stake in LendingClub by 9.0% during the second quarter. Prudential Financial Inc. now owns 23,470 shares of the credit services provider’s stock worth $77,000 after acquiring an additional 1,930 shares during the period. Finally, Balyasny Asset Management LLC acquired a new stake in LendingClub during the second quarter worth about $150,000.

LC has been the subject of a number of research reports. ValuEngine raised shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. BTIG Research decreased their price target on shares of LendingClub from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Monday. Zacks Investment Research lowered shares of LendingClub from a “buy” rating to a “hold” rating in a report on Saturday, October 12th. Morgan Stanley cut their price objective on shares of LendingClub from $23.75 to $17.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Finally, Maxim Group set a $23.00 price objective on shares of LendingClub and gave the stock a “buy” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. LendingClub currently has an average rating of “Buy” and a consensus target price of $21.00.

Shares of LendingClub stock traded up $0.36 during trading on Thursday, reaching $12.62. The company had a trading volume of 250,600 shares, compared to its average volume of 552,169. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -36.06 and a beta of 1.60. The firm’s fifty day moving average is $13.23 and its 200-day moving average is $8.58. The company has a debt-to-equity ratio of 2.11, a quick ratio of 5.81 and a current ratio of 7.06. LendingClub has a fifty-two week low of $10.89 and a fifty-two week high of $19.17.

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

About LendingClub

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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