LendingClub (NYSE:LC) PT Lowered to $17.00

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LendingClub (NYSE:LC) had its target price reduced by equities research analysts at Morgan Stanley from $23.75 to $17.00 in a research report issued on Friday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the credit services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 4.62% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd. Maxim Group reissued a “buy” rating and set a $22.50 price objective (up from $4.50) on shares of LendingClub in a research note on Tuesday, July 9th. Wedbush reissued an “outperform” rating on shares of Purple Innovation in a research note on Wednesday, May 8th. Finally, ValuEngine cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, July 8th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $20.65.

Shares of LendingClub stock opened at $16.25 on Friday. LendingClub has a 12-month low of $12.30 and a 12-month high of $22.75. The company has a debt-to-equity ratio of 2.27, a quick ratio of 3.93 and a current ratio of 4.88. The stock has a market capitalization of $1.42 billion, a PE ratio of -46.43 and a beta of 1.59. The firm has a 50-day moving average of $4.27.

LendingClub (NYSE:LC) last issued its earnings results on Tuesday, May 7th. The credit services provider reported ($0.15) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.15). LendingClub had a negative net margin of 16.31% and a negative return on equity of 3.19%. The company had revenue of $174.40 million during the quarter, compared to analysts’ expectations of $170.45 million. During the same period last year, the company posted $0.05 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, research analysts predict that LendingClub will post -0.2 earnings per share for the current fiscal year.

In related news, Director Mary G. Meeker sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $3.57, for a total transaction of $357,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Valerie Kay sold 9,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $3.10, for a total transaction of $29,450.00. Following the sale, the insider now owns 241,851 shares in the company, valued at approximately $749,738.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,045,833 shares of company stock valued at $3,517,142. Corporate insiders own 4.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in LC. Joel Isaacson & Co. LLC raised its holdings in shares of LendingClub by 9.7% in the 2nd quarter. Joel Isaacson & Co. LLC now owns 171,478 shares of the credit services provider’s stock worth $562,000 after purchasing an additional 15,198 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of LendingClub during the first quarter valued at approximately $509,000. ARK Investment Management LLC raised its holdings in shares of LendingClub by 22.4% during the first quarter. ARK Investment Management LLC now owns 21,453,157 shares of the credit services provider’s stock valued at $66,290,000 after acquiring an additional 3,926,187 shares during the period. Meitav Dash Investments Ltd. raised its holdings in shares of LendingClub by 24.6% during the first quarter. Meitav Dash Investments Ltd. now owns 112,254 shares of the credit services provider’s stock valued at $339,000 after acquiring an additional 22,187 shares during the period. Finally, Spark Investment Management LLC raised its holdings in shares of LendingClub by 16.8% during the first quarter. Spark Investment Management LLC now owns 1,440,200 shares of the credit services provider’s stock valued at $4,450,000 after acquiring an additional 207,011 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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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