LendingClub Corporation (LC) Upgraded to “Buy” by Vetr Inc.

Vetr upgraded shares of LendingClub Corporation (NYSE:LC) from a hold rating to a buy rating in a research note issued to investors on Wednesday, May 24th. They currently have $6.10 price objective on the credit services provider’s stock.

Other equities analysts have also recently issued reports about the company. Canaccord Genuity restated a hold rating and set a $7.00 price objective on shares of LendingClub Corporation in a research note on Friday, May 5th. BTIG Research reaffirmed a buy rating and set a $9.00 target price on shares of LendingClub Corporation in a research report on Monday, May 8th. FBR & Co reaffirmed a market perform rating and set a $6.50 target price on shares of LendingClub Corporation in a research report on Monday, May 15th. Zacks Investment Research lowered LendingClub Corporation from a hold rating to a sell rating in a research report on Tuesday, May 9th. Finally, Susquehanna Bancshares Inc raised LendingClub Corporation from a neutral rating to a positive rating and raised their target price for the company from $6.00 to $9.00 in a research report on Monday, May 1st. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $6.55.

Shares of LendingClub Corporation (NYSE:LC) traded down 0.71% during trading on Wednesday, reaching $5.61. 4,408,737 shares of the company were exchanged. The firm’s 50 day moving average price is $5.76 and its 200 day moving average price is $5.64. The company’s market capitalization is $2.27 billion. LendingClub Corporation has a one year low of $4.03 and a one year high of $6.78.

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

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In other LendingClub Corporation news, Director Simon Williams sold 80,000 shares of LendingClub Corporation stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $5.98, for a total transaction of $478,400.00. Following the completion of the transaction, the director now owns 161,053 shares of the company’s stock, valued at approximately $963,096.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy Bogan sold 54,090 shares of LendingClub Corporation stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $5.84, for a total value of $315,885.60. Following the transaction, the insider now directly owns 160,739 shares of the company’s stock, valued at approximately $938,715.76. The disclosure for this sale can be found here. Insiders have sold a total of 458,496 shares of company stock valued at $2,654,801 in the last ninety days. Insiders own 11.40% of the company’s stock.

Several hedge funds have recently modified their holdings of LC. Vanguard Group Inc. increased its stake in shares of LendingClub Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 27,102,968 shares of the credit services provider’s stock worth $148,795,000 after buying an additional 1,119,288 shares during the period. BlackRock Inc. increased 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. Fred Alger Management Inc. increased 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. Credit Suisse AG increased its stake in shares of LendingClub Corporation by 14.2% in the third quarter. Credit Suisse AG now owns 10,909,467 shares of the credit services provider’s stock worth $67,421,000 after buying an additional 1,353,114 shares during the period. Finally, State Street Corp increased its stake in shares of LendingClub Corporation by 3.2% in the first quarter. State Street Corp now owns 6,138,220 shares of the credit services provider’s stock worth $33,702,000 after buying an additional 192,990 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.

To view Vetr’s full report, visit Vetr’s official website.

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