LendingClub Corporation (NYSE:LC) Short Interest Down 23.8% in December

LendingClub Corporation (NYSE:LC) was the recipient of a significant decline in short interest in the month of December. As of December 15th, there was short interest totaling 3,759,392 shares, a decline of 23.8% from the November 30th total of 4,930,505 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily volume of 1,713,116 shares, the days-to-cover ratio is currently 2.2 days. Based on an average daily volume of 1,713,116 shares, the days-to-cover ratio is currently 2.2 days. Currently, 3.4% of the company’s shares are sold short.

LendingClub Price Performance

NYSE:LC traded down $0.25 during mid-day trading on Tuesday, hitting $19.27. The company’s stock had a trading volume of 1,015,353 shares, compared to its average volume of 1,585,401. The business’s fifty day moving average is $18.30 and its two-hundred day moving average is $16.02. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 21.90 and a beta of 2.14. LendingClub has a 1 year low of $7.90 and a 1 year high of $20.94.

LendingClub (NYSE:LC) last released its quarterly earnings data on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07. The business had revenue of $107.79 million during the quarter, compared to analyst estimates of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.The company’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS. Analysts anticipate that LendingClub will post 0.72 EPS for the current fiscal year.

LendingClub declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 5th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the credit services provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 30,000 shares of the stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $19.29, for a total transaction of $578,700.00. Following the transaction, the chief executive officer directly owned 1,210,070 shares in the company, valued at $23,342,250.30. This represents a 2.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erin Selleck sold 2,390 shares of LendingClub stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $19.47, for a total transaction of $46,533.30. Following the transaction, the director directly owned 76,377 shares in the company, valued at approximately $1,487,060.19. The trade was a 3.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On LendingClub

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in LendingClub by 18.8% during the third quarter. Wellington Management Group LLP now owns 7,960,550 shares of the credit services provider’s stock worth $120,921,000 after buying an additional 1,261,861 shares in the last quarter. Senvest Management LLC grew its holdings in LendingClub by 23.5% in the second quarter. Senvest Management LLC now owns 5,881,290 shares of the credit services provider’s stock valued at $70,752,000 after purchasing an additional 1,117,241 shares during the period. Geode Capital Management LLC raised its stake in shares of LendingClub by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,699,141 shares of the credit services provider’s stock worth $32,476,000 after buying an additional 34,221 shares during the period. Azora Capital LP grew its stake in LendingClub by 258.2% in the 3rd quarter. Azora Capital LP now owns 2,391,190 shares of the credit services provider’s stock valued at $36,322,000 after acquiring an additional 1,723,658 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in LendingClub by 184.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,121,802 shares of the credit services provider’s stock worth $32,230,000 after acquiring an additional 1,375,002 shares in the last quarter. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on LC shares. Janney Montgomery Scott lifted their price objective on shares of LendingClub from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. BTIG Research increased their price target on LendingClub from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “hold (c)” rating on shares of LendingClub in a research note on Monday. Citizens Jmp raised shares of LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a report on Monday, November 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of LendingClub from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, LendingClub presently has an average rating of “Moderate Buy” and a consensus target price of $21.57.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.