ARK Investment Management LLC Decreases Stock Holdings in LendingClub Co. (NYSE:LC)

ARK Investment Management LLC lessened its position in shares of LendingClub Co. (NYSE:LCGet Rating) by 99.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,516 shares of the credit services provider’s stock after selling 940,747 shares during the quarter. ARK Investment Management LLC’s holdings in LendingClub were worth $55,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new stake in shares of LendingClub during the 4th quarter valued at approximately $27,000. Lazard Asset Management LLC purchased a new stake in shares of LendingClub during the 1st quarter valued at approximately $30,000. PNC Financial Services Group Inc. raised its position in shares of LendingClub by 367.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,607 shares of the credit services provider’s stock valued at $41,000 after buying an additional 2,049 shares during the period. Daiwa Securities Group Inc. raised its position in shares of LendingClub by 45.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,232 shares of the credit services provider’s stock valued at $67,000 after buying an additional 1,329 shares during the period. Finally, Captrust Financial Advisors raised its position in shares of LendingClub by 1,610.3% during the 1st quarter. Captrust Financial Advisors now owns 6,499 shares of the credit services provider’s stock valued at $103,000 after buying an additional 6,119 shares during the period. Hedge funds and other institutional investors own 81.80% of the company’s stock.

LendingClub Stock Performance

NYSE:LC opened at $12.67 on Tuesday. The company has a fifty day simple moving average of $13.93 and a two-hundred day simple moving average of $14.15. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 4.78 and a beta of 2.01. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt-to-equity ratio of 0.11. LendingClub Co. has a 52 week low of $11.16 and a 52 week high of $49.21.

LendingClub (NYSE:LCGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The credit services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The business had revenue of $330.10 million during the quarter, compared to the consensus estimate of $298.97 million. LendingClub had a net margin of 24.75% and a return on equity of 27.96%. The company’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 earnings per share. As a group, equities analysts anticipate that LendingClub Co. will post 1.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LC has been the topic of several analyst reports. Credit Suisse Group reduced their price target on shares of LendingClub from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, July 28th. StockNews.com downgraded shares of LendingClub from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, Wedbush lifted their target price on shares of LendingClub to $20.00 in a report on Tuesday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, LendingClub currently has an average rating of “Moderate Buy” and an average price target of $37.40.

Insiders Place Their Bets

In other LendingClub news, SVP Fergal Stack sold 6,040 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $13.86, for a total value of $83,714.40. Following the completion of the transaction, the senior vice president now owns 136,514 shares in the company, valued at $1,892,084.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Annie Armstrong sold 2,027 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $15.00, for a total transaction of $30,405.00. Following the completion of the transaction, the insider now owns 101,601 shares in the company, valued at $1,524,015. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Fergal Stack sold 6,040 shares of the business’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $13.86, for a total transaction of $83,714.40. Following the transaction, the senior vice president now owns 136,514 shares of the company’s stock, valued at approximately $1,892,084.04. The disclosure for this sale can be found here. Insiders sold a total of 43,083 shares of company stock worth $598,332 over the last 90 days. Corporate insiders own 3.22% of the company’s stock.

LendingClub Profile

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LendingClub Corporation, operates as a bank holding company for LendingClub Bank, National Association that provides range of financial products and services through a technology-driven platform in the United States. The company provides commercial and industrial, commercial real estate, small business, and equipment loans, as well as leases equipment; and unsecured personal and auto, patient finance, and education finance loans.

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Institutional Ownership by Quarter for LendingClub (NYSE:LC)

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