LendingClub (NYSE:LC) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of LendingClub (NYSE:LC) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

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

LendingClub Price Performance

Shares of NYSE:LC opened at $8.68 on Friday. LendingClub has a 1 year low of $7.48 and a 1 year high of $18.75. The stock’s fifty day moving average price is $12.25 and its 200-day moving average price is $13.85. The company has a market cap of $983.61 million, a P/E ratio of 19.28 and a beta of 2.07.

Insiders Place Their Bets

In related news, CEO Scott Sanborn sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $13.76, for a total transaction of $233,920.00. Following the completion of the transaction, the chief executive officer now directly owns 1,295,184 shares in the company, valued at approximately $17,821,731.84. The trade was a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Jordan Cheng sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.10, for a total transaction of $98,700.00. Following the sale, the general counsel now owns 88,263 shares in the company, valued at approximately $1,244,508.30. The trade was a 7.35 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

A number of hedge funds and other institutional investors have recently modified their holdings of LC. State Street Corp lifted its stake in shares of LendingClub by 2.2% during the 3rd quarter. State Street Corp now owns 3,896,816 shares of the credit services provider’s stock valued at $44,541,000 after buying an additional 82,315 shares in the last quarter. Wellington Management Group LLP raised its holdings in LendingClub by 353.1% during 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 during the period. Driehaus Capital Management LLC lifted its position in shares of LendingClub by 229.1% in the fourth quarter. Driehaus Capital Management LLC now owns 3,588,799 shares of the credit services provider’s stock valued at $58,103,000 after acquiring an additional 2,498,318 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of LendingClub by 1.7% in the third quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider’s stock worth $29,265,000 after acquiring an additional 42,429 shares during the period. Finally, Balyasny Asset Management L.P. grew its position in shares of LendingClub by 196.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,131,253 shares of the credit services provider’s stock worth $34,505,000 after purchasing an additional 1,412,568 shares in the last quarter. 74.08% of the stock is owned by hedge funds and other institutional investors.

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.