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

LendingClub (NYSE:LC)‘s stock had its “overweight” rating reissued by equities researchers at Piper Sandler in a research note issued on Wednesday, Benzinga reports. They currently have a $10.00 price objective on the credit services provider’s stock, up from their previous price objective of $9.50. Piper Sandler’s target price would indicate a potential upside of 13.12% from the stock’s previous close.

Several other equities analysts also recently commented on LC. StockNews.com downgraded LendingClub from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. Wedbush reiterated an “outperform” rating and issued a $11.00 price target on shares of LendingClub in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.70.

LendingClub Stock Up 17.6 %

Shares of LC traded up $1.32 during midday trading on Wednesday, hitting $8.84. The stock had a trading volume of 892,741 shares, compared to its average volume of 1,426,287. The company has a 50 day simple moving average of $8.16 and a two-hundred day simple moving average of $7.60. LendingClub has a twelve month low of $4.73 and a twelve month high of $10.92. The firm has a market cap of $982.30 million, a price-to-earnings ratio of 24.56 and a beta of 1.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.83.

LendingClub (NYSE:LC) last announced its quarterly earnings data on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.08. The company had revenue of $180.69 million during the quarter, compared to analysts’ expectations of $174.52 million. LendingClub had a return on equity of 3.21% and a net margin of 4.50%. During the same quarter last year, the company earned $0.13 EPS. On average, analysts anticipate that LendingClub will post 0.23 EPS for the current year.

Institutional Trading of LendingClub

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of LendingClub by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 11,270,308 shares of the credit services provider’s stock valued at $98,502,000 after buying an additional 336,827 shares during the period. Wellington Management Group LLP grew its stake in shares of LendingClub by 176.1% in the 4th quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock valued at $11,749,000 after buying an additional 857,371 shares during the period. Sierra Summit Advisors LLC acquired a new stake in shares of LendingClub in the 4th quarter valued at about $337,000. G2 Investment Partners Management LLC acquired a new stake in shares of LendingClub in the 4th quarter valued at about $1,758,000. Finally, K2 Principal Fund L.P. acquired a new stake in shares of LendingClub in the 4th quarter valued at about $1,017,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

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.