LendingClub (NYSE:LC) Shares Gap Down – Here’s What Happened

LendingClub Co. (NYSE:LC) gapped down prior to trading on Wednesday . The stock had previously closed at $16.83, but opened at $14.00. LendingClub shares last traded at $13.92, with a volume of 3,586,566 shares.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down from $20.00) on shares of LendingClub in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $16.00 price target (down from $17.00) on shares of LendingClub in a research note on Wednesday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $17.00 price objective (up previously from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. Maxim Group boosted their target price on LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Compass Point increased their price target on shares of LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, LendingClub currently has a consensus rating of “Moderate Buy” and an average price target of $16.38.

LendingClub Price Performance

The firm’s 50-day moving average is $16.36 and its two-hundred day moving average is $13.54. The company has a market cap of $1.61 billion, a P/E ratio of 31.83 and a beta of 2.03.

Insider Buying and Selling

In other news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $16.12, for a total transaction of $274,040.00. Following the transaction, the chief executive officer now owns 1,312,184 shares in the company, valued at $21,152,406.08. This represents a 1.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Jordan Cheng sold 22,000 shares of LendingClub stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $14.83, for a total transaction of $326,260.00. Following the completion of the sale, the general counsel now owns 89,385 shares of the company’s stock, valued at $1,325,579.55. This trade represents a 19.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,000 shares of company stock worth $1,122,710 over the last three months. 3.31% of the stock is owned by insiders.

Institutional Investors Weigh In On LendingClub

Large investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in LendingClub by 2.2% in the third quarter. State Street Corp now owns 3,896,816 shares of the credit services provider’s stock valued at $44,541,000 after purchasing an additional 82,315 shares during the last quarter. Geode Capital Management LLC grew its holdings in LendingClub by 1.7% during the third quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider’s stock worth $29,265,000 after acquiring an additional 42,429 shares during the period. Point72 Asset Management L.P. raised its position in LendingClub by 98.1% during the third quarter. Point72 Asset Management L.P. now owns 1,547,342 shares of the credit services provider’s stock valued at $17,686,000 after acquiring an additional 766,287 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in LendingClub by 120.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,517,986 shares of the credit services provider’s stock worth $17,351,000 after purchasing an additional 828,958 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of LendingClub by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 998,148 shares of the credit services provider’s stock valued at $11,409,000 after purchasing an additional 45,307 shares in the last quarter. 74.08% of the stock is owned by hedge funds and other institutional investors.

LendingClub Company Profile

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.