Wedbush Raises LendingClub (NYSE:LC) Price Target to $14.00

LendingClub (NYSE:LC) had its price target lifted by Wedbush from $11.00 to $14.00 in a report published on Wednesday, Benzinga reports. Wedbush currently has an outperform rating on the credit services provider’s stock. Wedbush also issued estimates for LendingClub’s Q3 2024 earnings at $0.10 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at $0.45 EPS, Q1 2025 earnings at $0.26 EPS, Q2 2025 earnings at $0.24 EPS, Q3 2025 earnings at $0.27 EPS, Q4 2025 earnings at $0.23 EPS, FY2025 earnings at $1.00 EPS and FY2026 earnings at $1.20 EPS.

Several other research analysts have also recently commented on LC. Compass Point boosted their price target on shares of LendingClub from $13.00 to $15.00 and gave the stock a buy rating in a report on Wednesday. Piper Sandler restated an overweight rating and issued a $13.00 price target (up from $10.00) on shares of LendingClub in a research note on Wednesday. BTIG Research began coverage on LendingClub in a report on Friday, June 7th. They set a buy rating and a $12.00 price target for the company. Jefferies Financial Group increased their price objective on LendingClub from $11.00 to $12.00 and gave the company a buy rating in a report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods upped their price target on LendingClub from $10.00 to $11.50 and gave the company a market perform rating in a report on Wednesday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, LendingClub currently has a consensus rating of Moderate Buy and an average target price of $12.64.

LendingClub Trading Down 6.8 %

Shares of NYSE LC opened at $10.64 on Wednesday. The stock has a market cap of $1.18 billion, a P/E ratio of 31.29 and a beta of 2.06. The business’s fifty day simple moving average is $9.19 and its 200-day simple moving average is $8.73. LendingClub has a 12-month low of $4.73 and a 12-month high of $12.87.

LendingClub (NYSE:LC) last posted its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. LendingClub had a return on equity of 3.41% and a net margin of 5.61%. The company had revenue of $187.20 million for the quarter, compared to analyst estimates of $177.03 million. During the same quarter last year, the company earned $0.09 EPS. LendingClub’s revenue for the quarter was down 19.5% compared to the same quarter last year. On average, equities analysts forecast that LendingClub will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other LendingClub news, Director Erin Selleck sold 4,083 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $8.88, for a total transaction of $36,257.04. Following the completion of the sale, the director now directly owns 54,571 shares of the company’s stock, valued at approximately $484,590.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its holdings in LendingClub by 363.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,999 shares of the credit services provider’s stock worth $61,000 after acquiring an additional 5,489 shares during the period. EntryPoint Capital LLC boosted its position in shares of 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 purchasing an additional 2,328 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of LendingClub during the 2nd quarter worth $71,000. Innealta Capital LLC purchased a new position in shares of LendingClub in the 2nd quarter valued at about $72,000. Finally, SG Americas Securities LLC lifted its stake in shares of LendingClub by 16.3% in the second quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after purchasing an additional 1,732 shares during the period. Institutional investors and hedge funds own 74.08% of the company’s stock.

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.