LendingClub (NYSE:LC) Upgraded by Zacks Investment Research to “Buy”

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Zacks Investment Research upgraded shares of LendingClub (NYSE:LC) from a hold rating to a buy rating in a research note released on Saturday, Zacks.com reports. Zacks Investment Research currently has $16.00 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. “

Several other brokerages also recently issued reports on LC. ValuEngine raised shares of LendingClub from a sell rating to a hold rating in a report on Wednesday, October 2nd. Morgan Stanley cut their price target on shares of LendingClub from $23.75 to $17.00 and set an equal weight rating for the company in a report on Friday, July 12th. BTIG Research lowered their price objective on shares of LendingClub from $30.00 to $23.00 and set a buy rating for the company in a research report on Monday, October 14th. Finally, Maxim Group restated a buy rating and issued a $23.00 price objective on shares of LendingClub in a research report on Thursday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $20.80.

LC stock traded up $0.11 during trading on Friday, hitting $14.76. 505,843 shares of the stock traded hands, compared to its average volume of 551,475. LendingClub has a one year low of $10.89 and a one year high of $18.85. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -42.17 and a beta of 1.60. The company has a 50 day simple moving average of $12.90 and a 200 day simple moving average of $9.68. The company has a current ratio of 7.06, a quick ratio of 5.81 and a debt-to-equity ratio of 2.11.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Tuesday, November 5th. The credit services provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. LendingClub had a negative net margin of 5.91% and a negative return on equity of 1.02%. The firm had revenue of $204.90 million during the quarter, compared to the consensus estimate of $204.63 million. During the same period last year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, analysts predict that LendingClub will post -0.13 earnings per share for the current fiscal year.

In other LendingClub news, President Steven Allocca purchased 14,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $13.92 per share, for a total transaction of $194,880.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Valerie Kay sold 10,000 shares of LendingClub stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $24.53, for a total transaction of $245,300.00. Insiders sold a total of 28,563 shares of company stock valued at $510,603 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Several large investors have recently modified their holdings of LC. Joel Isaacson & Co. LLC grew its position in shares of LendingClub by 9.7% during the 2nd quarter. Joel Isaacson & Co. LLC now owns 171,478 shares of the credit services provider’s stock worth $562,000 after buying an additional 15,198 shares during the period. Nikko Asset Management Americas Inc. grew its position in shares of LendingClub by 35.2% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 25,692,140 shares of the credit services provider’s stock worth $84,270,000 after buying an additional 6,690,424 shares during the period. Aperio Group LLC acquired a new stake in shares of LendingClub during the 2nd quarter worth approximately $32,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of LendingClub during the 2nd quarter worth approximately $66,000. Finally, Swiss National Bank grew its position in shares of LendingClub by 3.0% during the 2nd quarter. Swiss National Bank now owns 559,800 shares of the credit services provider’s stock worth $1,836,000 after buying an additional 16,100 shares during the period.

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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