Piper Sandler Reaffirms Overweight Rating for LendingClub (NYSE:LC)

LendingClub (NYSE:LC)‘s stock had its “overweight” rating reissued by Piper Sandler in a report issued on Wednesday,Benzinga reports. They currently have a $19.00 price target on the credit services provider’s stock, down from their prior price target of $20.00. Piper Sandler’s price target points to a potential upside of 36.52% from the stock’s current price.

A number of other research firms also recently commented on LC. Maxim Group raised their price objective on shares of LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Wedbush upped their target price on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. restated a “neutral” rating and set a $17.00 price target (up from $14.00) on shares of LendingClub in a report on Monday, December 2nd. StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods lifted their price objective on LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

LendingClub Price Performance

Shares of NYSE LC traded down $2.91 during mid-day trading on Wednesday, reaching $13.92. 3,586,566 shares of the company traded hands, compared to its average volume of 1,714,791. The stock has a fifty day simple moving average of $16.34 and a 200-day simple moving average of $13.48. The firm has a market cap of $1.56 billion, a PE ratio of 30.45 and a beta of 2.03. LendingClub has a fifty-two week low of $7.48 and a fifty-two week high of $18.75.

Insider Buying and Selling at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $14.89, for a total value of $253,130.00. Following the transaction, the chief executive officer now owns 1,339,273 shares in the company, valued at $19,941,774.97. This trade represents a 1.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Jordan Cheng sold 22,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $14.83, for a total transaction of $326,260.00. Following the sale, the general counsel now owns 89,385 shares of the company’s stock, valued at approximately $1,325,579.55. The trade was a 19.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,000 shares of company stock worth $1,122,710 over the last 90 days. Corporate insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

Several institutional investors and hedge funds have recently bought and sold shares of LC. AlphaMark Advisors LLC bought a new position in shares of LendingClub during the third quarter valued at $32,000. FMR LLC lifted its stake in LendingClub by 32.1% during the 3rd quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock valued at $67,000 after acquiring an additional 1,424 shares during the period. Blue Trust Inc. boosted its holdings in shares of LendingClub by 259.8% during the 3rd quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock valued at $83,000 after acquiring an additional 5,247 shares during the last quarter. Highland Capital Management LLC bought a new stake in shares of LendingClub in the fourth quarter worth approximately $180,000. Finally, Entropy Technologies LP purchased a new position in shares of LendingClub during the fourth quarter valued at approximately $199,000. 74.08% of the stock is currently 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.