LendingClub (NYSE:LC) Shares Gap Up on Insider Buying Activity

LendingClub Co. (NYSE:LC)’s share price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $5.56, but opened at $5.95. LendingClub shares last traded at $5.98, with a volume of 324,165 shares trading hands.

Specifically, Director John C. Morris bought 10,000 shares of LendingClub stock in a transaction dated Tuesday, October 31st. The stock was purchased at an average price of $5.23 per share, for a total transaction of $52,300.00. Following the purchase, the director now directly owns 183,667 shares in the company, valued at approximately $960,578.41. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on LC shares. JPMorgan Chase & Co. increased their target price on shares of LendingClub from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 22nd. StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Wedbush cut their target price on shares of LendingClub from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Thursday, October 26th. Finally, Compass Point cut their target price on shares of LendingClub from $15.00 to $13.00 in a research report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.36.

LendingClub Price Performance

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.01. The business’s 50-day simple moving average is $6.05 and its 200 day simple moving average is $7.57. The firm has a market capitalization of $651.32 million, a P/E ratio of 12.12 and a beta of 1.98.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Wednesday, October 25th. The credit services provider reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. LendingClub had a net margin of 5.56% and a return on equity of 4.13%. The business had revenue of $200.85 million for the quarter, compared to analysts’ expectations of $199.66 million. Sell-side analysts forecast that LendingClub Co. will post 0.29 earnings per share for the current year.

Institutional Investors Weigh In On LendingClub

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. bought a new stake in LendingClub in the first quarter valued at $241,000. Advisor Group Holdings Inc. boosted its holdings in LendingClub by 27.2% in the first quarter. Advisor Group Holdings Inc. now owns 20,242 shares of the credit services provider’s stock valued at $320,000 after acquiring an additional 4,334 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in LendingClub by 84.1% in the first quarter. JPMorgan Chase & Co. now owns 549,930 shares of the credit services provider’s stock valued at $8,677,000 after acquiring an additional 251,160 shares in the last quarter. Raymond James & Associates bought a new stake in LendingClub in the first quarter valued at $438,000. Finally, PNC Financial Services Group Inc. boosted its holdings in LendingClub by 367.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,607 shares of the credit services provider’s stock valued at $41,000 after acquiring an additional 2,049 shares in the last quarter. 75.57% of the stock is currently owned by institutional investors.

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.