LendingClub Co. (NYSE:LC) Position Trimmed by Harspring Capital Management LLC

Harspring Capital Management LLC trimmed its position in LendingClub Co. (NYSE:LC) by 8.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,060,000 shares of the credit services provider’s stock after selling 100,000 shares during the quarter. LendingClub comprises about 4.9% of Harspring Capital Management LLC’s portfolio, making the stock its 9th biggest holding. Harspring Capital Management LLC’s holdings in LendingClub were worth $17,161,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in shares of LendingClub in the fourth quarter worth about $45,000. Sterling Capital Management LLC raised its holdings in LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock valued at $57,000 after acquiring an additional 3,119 shares during the last quarter. National Bank of Canada FI lifted its stake in LendingClub by 150.6% in the 4th quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock worth $66,000 after purchasing an additional 2,448 shares in the last quarter. FMR LLC boosted its holdings in shares of LendingClub by 32.1% during the 3rd quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock worth $67,000 after purchasing an additional 1,424 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of LendingClub by 49.2% in the fourth quarter. Jones Financial Companies Lllp now owns 5,986 shares of the credit services provider’s stock valued at $97,000 after purchasing an additional 1,975 shares in the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

LendingClub Stock Performance

LendingClub stock opened at $9.26 on Tuesday. The company’s 50 day simple moving average is $11.42 and its 200-day simple moving average is $13.76. LendingClub Co. has a 1 year low of $7.48 and a 1 year high of $18.75. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 20.58 and a beta of 2.09.

Insider Activity at LendingClub

In other news, Director Michael P. Zeisser bought 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were purchased at an average price of $12.88 per share, with a total value of $257,600.00. Following the purchase, the director now owns 148,018 shares in the company, valued at approximately $1,906,471.84. The trade was a 15.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of LendingClub stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $10.00, for a total value of $52,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,303,032 shares of the company’s stock, valued at approximately $13,030,320. This represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,250 shares of company stock worth $385,120. Insiders own 3.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LC. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down previously from $20.00) on shares of LendingClub in a report on Wednesday, January 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $16.00 target price (down from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. StockNews.com upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a report on Friday, April 4th. Finally, JPMorgan Chase & Co. cut their price target on shares of LendingClub from $17.00 to $14.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

LendingClub 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.