LendingClub (NYSE:LC) Shares Up 7.1% – Here’s What Happened

LendingClub Co. (NYSE:LC)’s share price shot up 7.1% during mid-day trading on Friday . The stock traded as high as $14.05 and last traded at $14.08. 804,096 shares were traded during mid-day trading, a decline of 63% from the average session volume of 2,152,804 shares. The stock had previously closed at $13.15.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $19.00 price target (down from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $16.00 price target (down from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. Maxim Group upped their price target on LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Compass Point upped their price target on LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Wedbush upped their price target on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.38.

LendingClub Trading Up 7.3 %

The stock has a market capitalization of $1.59 billion, a P/E ratio of 31.37 and a beta of 2.00. The business has a 50-day moving average price of $15.70 and a 200 day moving average price of $13.77.

Insider Buying and Selling

In related news, Director Michael P. Zeisser purchased 20,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was bought at an average cost of $12.88 per share, for a total transaction of $257,600.00. Following the completion of the transaction, the director now directly owns 148,018 shares in the company, valued at $1,906,471.84. This represents a 15.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $13.76, for a total value of $233,920.00. Following the completion of the sale, the chief executive officer now owns 1,295,184 shares in the company, valued at approximately $17,821,731.84. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,000 shares of company stock worth $777,240 over the last three months. 3.31% of the stock is owned by insiders.

Institutional Trading of LendingClub

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AlphaMark Advisors LLC purchased a new position in shares of LendingClub during the third quarter valued at $32,000. Comerica Bank purchased a new position in shares of LendingClub during the fourth quarter valued at $37,000. SBI Securities Co. Ltd. purchased a new position in shares of LendingClub during the fourth quarter valued at $45,000. Sterling Capital Management LLC increased its stake in shares of LendingClub by 818.6% during the fourth quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock valued at $57,000 after buying an additional 3,119 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of LendingClub by 150.6% during the fourth quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock valued at $66,000 after buying an additional 2,448 shares during the period. Hedge funds and other 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.