StockNews.com Upgrades LendingClub (NYSE:LC) to Hold

LendingClub (NYSE:LC) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

Several other research analysts also recently commented on LC. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $16.00 price target (down from $17.00) on shares of LendingClub in a report on Wednesday, January 29th. JPMorgan Chase & Co. lowered their price objective on LendingClub from $17.00 to $14.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, Piper Sandler restated an “overweight” rating and set a $19.00 target price (down from $20.00) on shares of LendingClub in a research report on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, LendingClub presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

LendingClub Price Performance

Shares of LC traded down $0.76 during midday trading on Friday, hitting $8.68. 2,242,630 shares of the company traded hands, compared to its average volume of 1,606,141. LendingClub has a one year low of $7.48 and a one year high of $18.75. The firm has a market cap of $983.61 million, a P/E ratio of 19.28 and a beta of 2.07. The stock has a 50-day moving average of $12.25 and a 200-day moving average of $13.85.

Insider Buying and Selling at LendingClub

In other news, General Counsel Jordan Cheng sold 7,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total transaction of $98,700.00. Following the completion of the transaction, the general counsel now directly owns 88,263 shares of the company’s stock, valued at approximately $1,244,508.30. This represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael P. Zeisser bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was acquired at an average cost of $12.88 per share, for a total transaction of $257,600.00. Following the completion of the purchase, the director now directly owns 148,018 shares of the company’s stock, valued at $1,906,471.84. The trade was a 15.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Several hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in LendingClub by 353.1% in the fourth quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider’s stock valued at $61,515,000 after acquiring an additional 2,961,050 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in LendingClub in the fourth quarter worth $3,830,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in LendingClub by 62.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 289,251 shares of the credit services provider’s stock worth $4,683,000 after purchasing an additional 111,031 shares in the last quarter. ProShare Advisors LLC lifted its position in LendingClub by 50.8% during the fourth quarter. ProShare Advisors LLC now owns 31,128 shares of the credit services provider’s stock valued at $504,000 after buying an additional 10,490 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of LendingClub by 2.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,839,360 shares of the credit services provider’s stock valued at $29,779,000 after buying an additional 49,996 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.