LendingClub (NYSE:LC) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of LendingClub (NYSE:LC) in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a $19.00 price objective on the credit services provider’s stock, down from their prior price objective of $20.00.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 target price (up from $14.00) on shares of LendingClub in a report on Monday, December 2nd. Wedbush increased their price target on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Maxim Group increased their price target on LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods increased their price target on LendingClub from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Compass Point increased their price objective on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $16.38.

LendingClub Trading Down 14.6 %

Shares of LC opened at $14.38 on Wednesday. LendingClub has a 1 year low of $7.48 and a 1 year high of $18.75. The stock has a 50 day simple moving average of $16.38 and a 200-day simple moving average of $13.53. The stock has a market cap of $1.62 billion, a PE ratio of 31.25 and a beta of 2.03.

Insider Buying and Selling at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $14.89, for a total value of $253,130.00. Following the transaction, the chief executive officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Jordan Cheng sold 22,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $14.83, for a total value of $326,260.00. Following the completion of the transaction, the general counsel now owns 89,385 shares in the company, valued at $1,325,579.55. This represents a 19.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 73,000 shares of company stock worth $1,122,710. Insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

Hedge funds have recently added to or reduced their stakes in the business. AlphaMark Advisors LLC acquired a new stake in shares of LendingClub in the 3rd quarter valued at about $32,000. FMR LLC grew its holdings in shares of LendingClub by 32.1% in 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 in the last quarter. Blue Trust Inc. grew its holdings in shares of LendingClub by 259.8% in 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 in the last quarter. Highland Capital Management LLC bought a new position in shares of LendingClub in the 4th quarter valued at about $180,000. Finally, Entropy Technologies LP bought a new position in shares of LendingClub in the 4th quarter valued at about $199,000. Institutional investors and hedge funds own 74.08% of the company’s stock.

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.