LendingClub (NYSE:LC) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of LendingClub (NYSE:LC) in a research report released on Wednesday morning,Benzinga reports. They currently have a $19.00 price target on the credit services provider’s stock, down from their previous price target of $20.00.

A number of other equities research analysts have also recently issued reports on the company. StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Wedbush lifted their price target on shares of LendingClub from $14.00 to $17.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Maxim Group lifted their price target on shares of LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $17.00 price target (up from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. Finally, Compass Point lifted their price target on shares of LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.38.

LendingClub Stock Down 14.6 %

Shares of NYSE:LC opened at $14.38 on Wednesday. LendingClub has a 12-month low of $7.48 and a 12-month high of $18.75. The stock has a market cap of $1.62 billion, a PE ratio of 31.25 and a beta of 2.03. The business has a 50 day moving average of $16.38 and a 200-day moving average of $13.53.

Insider Buying and Selling

In related news, CEO Scott Sanborn sold 17,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $14.89, for a total value of $253,130.00. Following the sale, the chief executive officer now owns 1,339,273 shares of the company’s stock, valued at $19,941,774.97. The trade was a 1.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Jordan Cheng sold 22,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $14.83, for a total transaction of $326,260.00. Following the completion of the sale, the general counsel now directly owns 89,385 shares in the company, valued at approximately $1,325,579.55. This represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,000 shares of company stock valued at $1,122,710 over the last 90 days. 3.31% of the stock is owned by insiders.

Institutional Trading of LendingClub

Several institutional investors have recently modified their holdings of LC. AlphaMark Advisors LLC bought a new stake in LendingClub during the third quarter valued at $32,000. FMR LLC boosted its position in LendingClub by 32.1% during the third quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock valued at $67,000 after acquiring an additional 1,424 shares during the last quarter. Blue Trust Inc. boosted its position in LendingClub by 259.8% during the third quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock valued at $83,000 after acquiring an additional 5,247 shares during the last quarter. Hsbc Holdings PLC boosted its position in LendingClub by 38.3% during the second quarter. Hsbc Holdings PLC now owns 16,748 shares of the credit services provider’s stock valued at $141,000 after acquiring an additional 4,640 shares during the last quarter. Finally, Alpha Cubed Investments LLC bought a new stake in LendingClub during the third quarter valued at $170,000. Institutional investors 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.