LendingClub Corp (LC) Price Target Lowered to $6.00 at Canaccord Genuity

LendingClub Corp (NYSE:LC) had its price objective reduced by stock analysts at Canaccord Genuity from $7.00 to $6.00 in a report issued on Wednesday, November 8th. The brokerage currently has a “buy” rating on the credit services provider’s stock. Canaccord Genuity’s target price suggests a potential upside of 42.18% from the company’s current price.

Other research analysts also recently issued research reports about the company. Vetr downgraded LendingClub from a “strong-buy” rating to a “buy” rating and set a $6.55 target price on the stock. in a report on Wednesday, August 16th. BTIG Research reissued a “buy” rating and issued a $9.00 target price on shares of LendingClub in a report on Wednesday, September 27th. Needham & Company LLC started coverage on LendingClub in a report on Wednesday, November 1st. They issued a “buy” rating and a $7.00 target price on the stock. Maxim Group started coverage on LendingClub in a research note on Tuesday, November 7th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, Zacks Investment Research raised LendingClub from a “sell” rating to a “hold” rating and set a $6.50 price objective on the stock in a research note on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. LendingClub currently has a consensus rating of “Hold” and a consensus price target of $6.89.

LendingClub (NYSE:LC) traded down $0.04 during mid-day trading on Wednesday, reaching $4.22. The company’s stock had a trading volume of 12,931,493 shares, compared to its average volume of 6,173,574. LendingClub has a 52 week low of $4.05 and a 52 week high of $6.78. The company has a debt-to-equity ratio of 3.52, a quick ratio of 16.90 and a current ratio of 18.02.

In related news, CEO Scott Sanborn sold 47,273 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $4.23, for a total transaction of $199,964.79. Following the completion of the sale, the chief executive officer now directly owns 1,034,734 shares of the company’s stock, valued at approximately $4,376,924.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas W. Casey purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The shares were acquired at an average cost of $4.17 per share, with a total value of $41,700.00. The disclosure for this purchase can be found here. Insiders have sold a total of 104,793 shares of company stock valued at $555,863 in the last 90 days. 11.40% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of LC. Vanguard Group Inc. raised its position in LendingClub by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 28,403,846 shares of the credit services provider’s stock valued at $156,505,000 after purchasing an additional 1,300,878 shares in the last quarter. BlackRock Inc. raised its position in LendingClub by 3,276.7% during the 1st quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock valued at $121,326,000 after purchasing an additional 21,445,128 shares in the last quarter. Fred Alger Management Inc. raised its position in LendingClub by 5.8% during the 2nd quarter. Fred Alger Management Inc. now owns 12,337,744 shares of the credit services provider’s stock valued at $67,981,000 after purchasing an additional 681,192 shares in the last quarter. Jackson Square Partners LLC raised its position in LendingClub by 2.8% during the 3rd quarter. Jackson Square Partners LLC now owns 9,883,742 shares of the credit services provider’s stock valued at $60,191,000 after purchasing an additional 273,650 shares in the last quarter. Finally, State Street Corp raised its position in LendingClub by 5.3% during the 2nd quarter. State Street Corp now owns 6,461,593 shares of the credit services provider’s stock valued at $35,602,000 after purchasing an additional 323,373 shares in the last quarter. 87.91% of the stock is owned by hedge funds and other institutional investors.

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LendingClub Company Profile

LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.

Analyst Recommendations for LendingClub (NYSE:LC)

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