Wedbush Lowers LendingClub (NYSE:LC) Price Target to $7.00

LendingClub (NYSE:LC) had its target price reduced by Wedbush from $9.00 to $7.00 in a research note released on Thursday morning, Benzinga reports. They currently have an outperform rating on the credit services provider’s stock. Wedbush also issued estimates for LendingClub’s Q2 2024 earnings at $0.13 EPS, FY2025 earnings at $0.80 EPS and FY2026 earnings at $1.00 EPS.

LC has been the topic of a number of other research reports. StockNews.com started coverage on LendingClub in a report on Thursday, October 5th. They set a hold rating on the stock. JPMorgan Chase & Co. boosted their price target on LendingClub from $10.00 to $11.00 and gave the company an overweight rating in a report on Tuesday, August 22nd. Finally, Compass Point reduced their price target on LendingClub from $15.00 to $13.00 in a report on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $11.36.

LendingClub Trading Up 2.6 %

NYSE LC opened at $5.14 on Thursday. LendingClub has a 1-year low of $4.73 and a 1-year high of $11.77. The company has a current ratio of 1.03, a quick ratio of 0.99 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $6.17 and a 200-day moving average of $7.64. The firm has a market cap of $558.67 million, a PE ratio of 10.49 and a beta of 1.97.

LendingClub (NYSE:LC) last released its earnings results on Wednesday, October 25th. The credit services provider reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. LendingClub had a return on equity of 4.14% and a net margin of 5.56%. The company had revenue of $200.85 million during the quarter, compared to analyst estimates of $199.66 million. As a group, sell-side analysts forecast that LendingClub will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC purchased a new stake in shares of LendingClub in the 1st quarter worth approximately $30,000. Envestnet Asset Management Inc. grew its stake in shares of LendingClub by 491.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 159,360 shares of the credit services provider’s stock worth $35,000 after buying an additional 132,438 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of LendingClub by 367.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,607 shares of the credit services provider’s stock worth $41,000 after buying an additional 2,049 shares during the last quarter. US Bancorp DE grew its stake in shares of LendingClub by 189.0% in the 2nd quarter. US Bancorp DE now owns 4,346 shares of the credit services provider’s stock worth $42,000 after buying an additional 2,842 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in shares of LendingClub by 40.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 8,217 shares of the credit services provider’s stock worth $50,000 after buying an additional 2,377 shares during the last quarter. Hedge funds and other institutional investors own 75.57% of the company’s stock.

LendingClub Company Profile

LendingClub Corporation, operates as a bank holding company for LendingClub Bank, National Association 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.