LendingClub Corporation (LC) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of LendingClub Corporation (NYSE:LC) from a hold rating to a sell rating in a report released on Tuesday morning.

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. “

A number of other brokerages also recently issued reports on LC. Morgan Stanley reiterated an overweight rating and issued a $7.00 price objective (down previously from $8.00) on shares of LendingClub Corporation in a research report on Thursday, July 6th. BidaskClub downgraded LendingClub Corporation from a hold rating to a sell rating in a research report on Monday, July 24th. UBS AG upgraded LendingClub Corporation from a market perform rating to an outperform rating in a research report on Thursday, August 3rd. Oppenheimer Holdings, Inc. upgraded LendingClub Corporation from a market perform rating to an outperform rating and set a $7.00 price objective on the stock in a research report on Thursday, August 3rd. Finally, CIBC upgraded LendingClub Corporation from a market perform rating to an outperform rating in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. LendingClub Corporation has a consensus rating of Hold and an average price target of $6.78.

LendingClub Corporation (LC) opened at 6.39 on Tuesday. The firm’s market capitalization is $2.63 billion. LendingClub Corporation has a one year low of $4.64 and a one year high of $6.78. The firm has a 50-day moving average price of $6.17 and a 200 day moving average price of $5.74.

LendingClub Corporation (NYSE:LC) last posted its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.06). LendingClub Corporation had a negative return on equity of 11.97% and a negative net margin of 24.52%. The firm had revenue of $139.60 million during the quarter, compared to analyst estimates of $134.02 million. During the same period last year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was up 35.0% on a year-over-year basis. Analysts anticipate that LendingClub Corporation will post $0.04 EPS for the current fiscal year.

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In other news, President Steven Allocca sold 35,378 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $6.09, for a total transaction of $215,452.02. Following the transaction, the president now directly owns 67,084 shares of the company’s stock, valued at $408,541.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy Bogan sold 15,204 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $6.09, for a total value of $92,592.36. Following the transaction, the insider now directly owns 120,946 shares in the company, valued at $736,561.14. The disclosure for this sale can be found here. Insiders have sold 213,070 shares of company stock worth $1,283,225 in the last 90 days. Company insiders own 11.40% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd grew its stake in shares of LendingClub Corporation by 350.8% during the second quarter. Dynamic Technology Lab Private Ltd now owns 127,683 shares of the credit services provider’s stock valued at $703,000 after buying an additional 99,357 shares during the last quarter. Verition Fund Management LLC grew its stake in shares of LendingClub Corporation by 336.6% during the second quarter. Verition Fund Management LLC now owns 75,089 shares of the credit services provider’s stock valued at $414,000 after buying an additional 57,889 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of LendingClub Corporation by 914.4% during the second quarter. Cubist Systematic Strategies LLC now owns 57,818 shares of the credit services provider’s stock valued at $319,000 after buying an additional 52,118 shares during the last quarter. State Street Corp grew its stake in shares of LendingClub Corporation by 5.3% during the second quarter. State Street Corp now owns 6,461,593 shares of the credit services provider’s stock valued at $35,602,000 after buying an additional 323,373 shares during the last quarter. Finally, Fred Alger Management Inc. grew its stake in shares of LendingClub Corporation by 5.8% during the second quarter. Fred Alger Management Inc. now owns 12,337,744 shares of the credit services provider’s stock valued at $67,981,000 after buying an additional 681,192 shares during the last quarter. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

LendingClub Corporation 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 Corporation (NYSE:LC)

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