LendingClub’s (LC) “Outperform” Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of LendingClub (NYSE:LC) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $11.00 target price on the credit services provider’s stock. Wedbush also issued estimates for LendingClub’s Q2 2024 earnings at $0.07 EPS, Q3 2024 earnings at $0.11 EPS, Q4 2024 earnings at $0.10 EPS, FY2024 earnings at $0.40 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.22 EPS, Q3 2025 earnings at $0.25 EPS, Q4 2025 earnings at $0.21 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $1.10 EPS.

Separately, StockNews.com cut LendingClub from a hold rating to a sell rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $11.42.

LendingClub Price Performance

Shares of NYSE:LC opened at $9.28 on Wednesday. The firm has a fifty day moving average price of $8.23 and a two-hundred day moving average price of $7.66. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 27.29 and a beta of 2.00. LendingClub has a one year low of $4.73 and a one year high of $10.92.

LendingClub (NYSE:LC) last released its quarterly earnings results 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 firm had revenue of $180.69 million for the quarter, compared to analysts’ expectations of $174.52 million. LendingClub had a return on equity of 3.04% and a net margin of 4.69%. During the same quarter last year, the firm posted $0.13 EPS. Equities research analysts expect that LendingClub will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On LendingClub

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. lifted its stake in LendingClub by 526.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,884,751 shares of the credit services provider’s stock valued at $11,497,000 after acquiring an additional 1,583,882 shares during the period. Wellington Management Group LLP raised its holdings in shares of LendingClub by 176.1% during the fourth quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock valued at $11,749,000 after purchasing an additional 857,371 shares during the last quarter. rhino investment partners Inc bought a new position in LendingClub during the fourth quarter valued at approximately $6,838,000. Verition Fund Management LLC purchased a new stake in LendingClub in the fourth quarter worth approximately $6,115,000. Finally, Jackson Square Partners LLC grew its position in LendingClub by 5.9% in the 4th quarter. Jackson Square Partners LLC now owns 9,723,943 shares of the credit services provider’s stock worth $84,987,000 after purchasing an additional 541,538 shares during the period. 74.08% of the stock is owned by institutional investors.

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.