LendingClub (NYSE:LC) Given New $14.00 Price Target at Wedbush

LendingClub (NYSE:LC) had its price target upped by equities researchers at Wedbush from $11.00 to $14.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the credit services provider’s stock. Wedbush’s price objective suggests a potential upside of 11.82% from the company’s previous close.

Other research analysts have also issued research reports about the stock. BTIG Research assumed coverage on shares of LendingClub in a research note on Friday, June 7th. They set a “buy” rating and a $12.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on shares of LendingClub from $10.00 to $11.50 and gave the company a “market perform” rating in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and set a $13.00 price objective (up previously from $10.00) on shares of LendingClub in a research note on Wednesday. Compass Point raised their price objective on shares of LendingClub from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Jefferies Financial Group raised their price objective on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.64.

LendingClub Stock Performance

Shares of NYSE:LC traded up $1.33 during trading hours on Wednesday, hitting $12.52. The stock had a trading volume of 2,695,894 shares, compared to its average volume of 1,410,177. The stock’s fifty day simple moving average is $9.04 and its 200 day simple moving average is $8.67. LendingClub has a 1-year low of $4.73 and a 1-year high of $12.79. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 36.68 and a beta of 2.06.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.04 by $0.09. LendingClub had a net margin of 4.69% and a return on equity of 3.04%. The company had revenue of $187.20 million for the quarter, compared to analyst estimates of $177.03 million. During the same quarter last year, the business earned $0.09 earnings per share. LendingClub’s revenue was down 19.5% compared to the same quarter last year. As a group, research analysts anticipate that LendingClub will post 0.27 EPS for the current year.

Insiders Place Their Bets

In related news, Director Erin Selleck sold 4,083 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $8.88, for a total value of $36,257.04. Following the completion of the transaction, the director now owns 54,571 shares of the company’s stock, valued at approximately $484,590.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On LendingClub

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in shares of LendingClub by 363.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,999 shares of the credit services provider’s stock valued at $61,000 after buying an additional 5,489 shares during the period. EntryPoint Capital LLC boosted its stake in shares of LendingClub by 44.9% during the 1st quarter. EntryPoint Capital LLC now owns 7,514 shares of the credit services provider’s stock valued at $66,000 after buying an additional 2,328 shares during the period. Innealta Capital LLC acquired a new stake in shares of LendingClub during the 2nd quarter valued at $72,000. SG Americas Securities LLC boosted its stake in shares of LendingClub by 16.3% during the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after buying an additional 1,732 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in shares of LendingClub during the 1st quarter valued at $129,000. 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.