LendingClub (NYSE:LC) Reaches New 1-Year High on Analyst Upgrade

Shares of LendingClub Co. (NYSE:LC) reached a new 52-week high on Thursday after Wedbush raised their price target on the stock from $14.00 to $17.00. Wedbush currently has an outperform rating on the stock. LendingClub traded as high as $14.62 and last traded at $14.47, with a volume of 351326 shares trading hands. The stock had previously closed at $12.46.

Several other brokerages also recently issued reports on LC. StockNews.com raised LendingClub from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and set a $15.00 price target (up previously from $13.00) on shares of LendingClub in a report on Thursday. Compass Point increased their price objective on shares of LendingClub from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Jefferies Financial Group lifted their price objective on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. boosted their price target on LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, LendingClub has an average rating of “Moderate Buy” and an average price target of $14.29.

Insiders Place Their Bets

In other news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $11.36, for a total transaction of $193,120.00. Following the completion of the transaction, the chief executive officer now owns 1,373,273 shares in the company, valued at approximately $15,600,381.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 51,703 shares of company stock worth $562,705. 3.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On LendingClub

Institutional investors and hedge funds have recently modified their holdings of the stock. AlphaMark Advisors LLC acquired a new position in shares of LendingClub in the 3rd quarter worth $32,000. Blue Trust Inc. increased its stake in LendingClub by 259.8% in the 3rd quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock worth $83,000 after purchasing an additional 5,247 shares in the last quarter. EntryPoint Capital LLC raised its holdings in 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 purchased a new stake in LendingClub during the second quarter valued at about $71,000. Finally, Innealta Capital LLC acquired a new position in shares of LendingClub in the second quarter worth about $72,000. Institutional investors and hedge funds own 74.08% of the company’s stock.

LendingClub Stock Up 19.0 %

The firm’s 50-day moving average price is $11.58 and its two-hundred day moving average price is $9.96. The firm has a market capitalization of $1.65 billion, a PE ratio of 43.62 and a beta of 2.04.

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

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.