LendingClub (NYSE:LC) Shares Gap Down on Insider Selling

LendingClub Co. (NYSE:LC) shares gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $10.95, but opened at $10.57. LendingClub shares last traded at $10.91, with a volume of 183,531 shares trading hands.

Specifically, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $11.36, for a total value of $193,120.00. Following the completion of the sale, the chief executive officer now owns 1,373,273 shares in the company, valued at approximately $15,600,381.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LC. Keefe, Bruyette & Woods raised their target price on shares of LendingClub from $10.00 to $11.50 and gave the stock a “market perform” rating in a report on Wednesday, July 31st. Wedbush raised their price objective on LendingClub from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Piper Sandler reiterated an “overweight” rating and set a $13.00 target price (up from $10.00) on shares of LendingClub in a research report on Wednesday, July 31st. StockNews.com raised LendingClub from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, BTIG Research assumed coverage on shares of LendingClub in a research report on Friday, June 7th. They issued a “buy” rating and a $12.00 target price for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $13.07.

LendingClub Stock Down 0.1 %

The company has a 50 day simple moving average of $10.59 and a 200 day simple moving average of $9.20. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 32.21 and a beta of 2.04.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.04 by $0.09. The business had revenue of $187.20 million during the quarter, compared to the consensus estimate of $177.03 million. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The firm’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.09 EPS. As a group, analysts predict that LendingClub Co. will post 0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LendingClub

A number of hedge funds and other institutional investors have recently bought and sold shares of LC. International Assets Investment Management LLC increased its position in LendingClub by 5.3% in the 2nd quarter. International Assets Investment Management LLC now owns 19,900 shares of the credit services provider’s stock valued at $168,000 after acquiring an additional 1,000 shares during the period. The Manufacturers Life Insurance Company raised its position in LendingClub by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider’s stock worth $2,562,000 after purchasing an additional 1,445 shares during the last quarter. ProShare Advisors LLC lifted its holdings in LendingClub by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 19,518 shares of the credit services provider’s stock worth $172,000 after buying an additional 1,536 shares during the period. SG Americas Securities LLC grew its position in shares of LendingClub by 16.3% in the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after buying an additional 1,732 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of LendingClub by 1.0% in the first quarter. Swiss National Bank now owns 216,360 shares of the credit services provider’s stock valued at $1,902,000 after buying an additional 2,100 shares during the period. Institutional investors own 74.08% of the company’s stock.

About LendingClub

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.