Canaccord Genuity Reaffirms “Hold” Rating for LendingClub Corporation (LC)

Canaccord Genuity reissued their hold rating on shares of LendingClub Corporation (NYSE:LC) in a research note released on Monday, May 15th, StockTargetPrices.com reports. They currently have a $7.00 price target on the credit services provider’s stock.

Several other research firms also recently commented on LC. FBR & Co reissued a market perform rating and set a $6.50 price target on shares of LendingClub Corporation in a research note on Wednesday, February 15th. BTIG Research reissued a buy rating and set a $9.00 price target on shares of LendingClub Corporation in a research note on Thursday, February 16th. Susquehanna Bancshares Inc raised shares of LendingClub Corporation from a neutral rating to a positive rating and lifted their price target for the stock from $6.00 to $9.00 in a research note on Monday, May 1st. Vetr downgraded shares of LendingClub Corporation from a buy rating to a hold rating and set a $6.00 price target on the stock. in a research note on Thursday, April 20th. Finally, Stifel Nicolaus started coverage on shares of LendingClub Corporation in a research note on Wednesday, April 19th. They set a hold rating and a $6.00 price target on the stock. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $6.55.

LendingClub Corporation (NYSE:LC) traded down 0.71% during midday trading on Monday, reaching $5.61. 4,408,737 shares of the company’s stock were exchanged. The stock’s market cap is $2.27 billion. The firm has a 50 day moving average of $5.76 and a 200-day moving average of $5.64. LendingClub Corporation has a 12 month low of $4.03 and a 12 month high of $6.78.

LendingClub Corporation (NYSE:LC) last posted its quarterly earnings results on Thursday, May 4th. The credit services provider reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.04. The business had revenue of $124.50 million for the quarter, compared to analysts’ expectations of $121.63 million. LendingClub Corporation had a negative return on equity of 14.31% and a negative net margin of 38.40%. The company’s revenue was down 18.3% compared to the same quarter last year. During the same period last year, the business posted $0.05 earnings per share. On average, equities research analysts predict that LendingClub Corporation will post $0.04 earnings per share for the current year.

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In related news, insider Timothy Bogan sold 54,090 shares of LendingClub Corporation stock in a transaction on Friday, May 12th. The shares were sold at an average price of $5.84, for a total value of $315,885.60. Following the sale, the insider now owns 160,739 shares in the company, valued at $938,715.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Scott Sanborn sold 45,970 shares of LendingClub Corporation stock in a transaction on Monday, May 15th. The shares were sold at an average price of $5.89, for a total transaction of $270,763.30. Following the completion of the sale, the chief executive officer now owns 910,901 shares in the company, valued at approximately $5,365,206.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 458,496 shares of company stock worth $2,654,801. 11.40% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of LendingClub Corporation by 3,276.7% in the first quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock worth $121,326,000 after buying an additional 21,445,128 shares during the period. Morgan Stanley boosted its stake in shares of LendingClub Corporation by 73.6% in the third quarter. Morgan Stanley now owns 14,389,243 shares of the credit services provider’s stock worth $88,926,000 after buying an additional 6,099,557 shares during the period. Jericho Capital Asset Management L.P. acquired a new stake in shares of LendingClub Corporation during the first quarter worth approximately $32,440,000. Fred Alger Management Inc. boosted its stake in shares of LendingClub Corporation by 70.8% in the fourth quarter. Fred Alger Management Inc. now owns 12,453,876 shares of the credit services provider’s stock worth $65,383,000 after buying an additional 5,161,479 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of LendingClub Corporation by 142.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,672,729 shares of the credit services provider’s stock worth $20,163,000 after buying an additional 2,159,066 shares during the period. Hedge funds and other institutional investors own 91.36% of the company’s stock.

About LendingClub Corporation

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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