LendingClub (NYSE:LC) Shares Gap Down on Insider Selling

LendingClub Co. (NYSE:LC) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $10.95, but opened at $10.57. LendingClub shares last traded at $10.91, with a volume of 183,531 shares trading hands.

Specifically, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $11.36, for a total value of $193,120.00. Following the sale, the chief executive officer now owns 1,373,273 shares of the company’s stock, valued at approximately $15,600,381.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Compass Point boosted their price objective on shares of LendingClub from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. BTIG Research assumed coverage on shares of LendingClub in a research report on Friday, June 7th. They set a “buy” rating and a $12.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Keefe, Bruyette & Woods upped their target price on LendingClub from $10.00 to $11.50 and gave the stock a “market perform” rating in a report on Wednesday, July 31st. Finally, Piper Sandler reissued an “overweight” rating and set a $13.00 price target (up from $10.00) on shares of LendingClub in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.07.

LendingClub Stock Performance

The company has a market capitalization of $1.22 billion, a P/E ratio of 32.21 and a beta of 2.04. The stock’s fifty day moving average price is $10.59 and its 200-day moving average price is $9.20.

LendingClub (NYSE:LC) last released its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.09. LendingClub had a return on equity of 3.38% and a net margin of 5.61%. The firm had revenue of $187.20 million for the quarter, compared to analyst estimates of $177.03 million. During the same quarter in the prior year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. On average, research analysts predict that LendingClub Co. will post 0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On LendingClub

Several institutional investors and hedge funds have recently modified their holdings of LC. EntryPoint Capital LLC boosted its holdings in shares of LendingClub by 44.9% during the 1st quarter. EntryPoint Capital LLC now owns 7,514 shares of the credit services provider’s stock worth $66,000 after buying an additional 2,328 shares during the period. nVerses Capital LLC acquired a new position in shares of LendingClub in the second quarter valued at approximately $71,000. Innealta Capital LLC bought a new position in shares of LendingClub during the second quarter worth approximately $72,000. SG Americas Securities LLC lifted its holdings in LendingClub by 16.3% during the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock worth $104,000 after purchasing an additional 1,732 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in LendingClub in the 1st quarter valued at $129,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

About LendingClub

LendingClub Corporation, operates as a bank holding company, that provides range of financial products and services in the United States. It offers deposit products, including savings accounts, checking accounts, and certificates of deposit. The company also provides loan products, such as consumer loans comprising unsecured personal loans, secured auto refinance loans, and patient and education finance loans; and commercial loans, including small business loans.