LendingClub (NYSE:LC) Shares Gap Down – What’s Next?

LendingClub Co. (NYSE:LC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $16.83, but opened at $14.00. LendingClub shares last traded at $13.92, with a volume of 3,586,566 shares.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LC. Compass Point increased their price objective on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $17.00 target price (up from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target (down previously from $20.00) on shares of LendingClub in a report on Wednesday. Finally, Wedbush increased their price target on shares of LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, LendingClub currently has an average rating of “Moderate Buy” and an average target price of $16.38.

LendingClub Price Performance

The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 31.02 and a beta of 2.03. The stock has a 50-day moving average of $16.38 and a 200 day moving average of $13.53.

Insider Buying and Selling

In other news, General Counsel Jordan Cheng sold 22,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $14.83, for a total value of $326,260.00. Following the completion of the transaction, the general counsel now owns 89,385 shares of the company’s stock, valued at $1,325,579.55. The trade was a 19.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $14.89, for a total value of $253,130.00. Following the sale, the chief executive officer now directly owns 1,339,273 shares in the company, valued at $19,941,774.97. The trade was a 1.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,000 shares of company stock valued at $1,122,710 over the last ninety days. Insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Institutional investors have recently modified their holdings of the business. Entropy Technologies LP acquired a new stake in shares of LendingClub during the fourth quarter worth $199,000. Highland Capital Management LLC acquired a new position in LendingClub during the 4th quarter worth approximately $180,000. Exchange Traded Concepts LLC bought a new position in shares of LendingClub during the 4th quarter worth approximately $280,000. SG Americas Securities LLC grew its stake in shares of LendingClub by 699.5% during the 4th quarter. SG Americas Securities LLC now owns 318,745 shares of the credit services provider’s stock worth $5,160,000 after acquiring an additional 278,879 shares in the last quarter. Finally, Range Financial Group LLC acquired a new stake in shares of LendingClub in the fourth quarter valued at approximately $1,510,000. Institutional investors own 74.08% of the company’s stock.

LendingClub Company Profile

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.