LendingClub (LC) Downgraded to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of LendingClub (NYSE:LC) from a hold rating to a strong sell rating in a report released on Wednesday 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. “

Several other research analysts have also issued reports on LC. Canaccord Genuity reiterated a hold rating and set a $7.00 price objective on shares of LendingClub in a research note on Sunday, October 1st. BTIG Research reiterated a buy rating and set a $9.00 price objective on shares of LendingClub in a research note on Wednesday, September 27th. Oppenheimer dropped their price objective on LendingClub from $7.50 to $6.25 and set an outperform rating for the company in a research note on Wednesday, November 8th. Stifel Nicolaus dropped their price objective on LendingClub from $5.00 to $4.50 and set a hold rating for the company in a research note on Friday, December 8th. Finally, Morgan Stanley lowered their target price on LendingClub from $7.00 to $6.50 and set an overweight rating for the company in a research note on Wednesday, November 8th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $6.54.

LendingClub (NYSE LC) traded down $0.06 during trading on Wednesday, reaching $4.27. The company’s stock had a trading volume of 6,058,098 shares, compared to its average volume of 7,063,594. The company has a debt-to-equity ratio of 3.52, a current ratio of 18.02 and a quick ratio of 16.90. LendingClub has a 1 year low of $3.29 and a 1 year high of $6.78.

In other news, major shareholder Tian Qiao Chen acquired 21,927,175 shares of the stock in a transaction that occurred on Tuesday, December 12th. The stock was purchased at an average cost of $3.90 per share, for a total transaction of $85,515,982.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Sameer Gulati sold 8,351 shares of LendingClub stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $5.64, for a total value of $47,099.64. Following the completion of the sale, the chief operating officer now owns 296,221 shares of the company’s stock, valued at $1,670,686.44. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 25,957,175 shares of company stock valued at $100,843,283. 9.72% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in LendingClub in the third quarter worth about $103,000. Prudential Financial Inc. increased its position in LendingClub by 5.4% in the second quarter. Prudential Financial Inc. now owns 22,850 shares of the credit services provider’s stock worth $126,000 after purchasing an additional 1,170 shares during the period. GSA Capital Partners LLP acquired a new stake in LendingClub in the second quarter worth about $150,000. Advisor Group Inc. increased its position in LendingClub by 45.9% in the second quarter. Advisor Group Inc. now owns 31,142 shares of the credit services provider’s stock worth $172,000 after purchasing an additional 9,802 shares during the period. Finally, Invictus RG acquired a new stake in LendingClub in the third quarter worth about $219,000. Hedge funds and other institutional investors own 86.45% of the company’s stock.

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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.

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