Piper Sandler Forecasts Strong Price Appreciation for LendingClub (NYSE:LC) Stock

LendingClub (NYSE:LC) had its target price boosted by investment analysts at Piper Sandler from $15.00 to $20.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the credit services provider’s stock. Piper Sandler’s price target suggests a potential upside of 14.22% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of LendingClub from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Maxim Group raised their price target on LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, October 25th. Wedbush increased their price objective on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods raised their target price on LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $17.00 price target (up from $14.00) on shares of LendingClub in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.63.

LendingClub Stock Up 8.6 %

Shares of NYSE LC opened at $17.51 on Friday. The business has a 50-day moving average price of $15.84 and a 200 day moving average price of $12.53. The stock has a market cap of $1.97 billion, a PE ratio of 38.07 and a beta of 2.03. LendingClub has a 52-week low of $7.48 and a 52-week high of $18.75.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a net margin of 6.85% and a return on equity of 4.02%. The firm had revenue of $201.90 million during the quarter, compared to analysts’ expectations of $190.40 million. During the same quarter in the prior year, the business earned $0.05 EPS. LendingClub’s quarterly revenue was up .5% compared to the same quarter last year. Sell-side analysts anticipate that LendingClub will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John C. Morris sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total value of $35,900.00. Following the transaction, the director now directly owns 203,348 shares in the company, valued at $2,920,077.28. This trade represents a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Jordan Cheng sold 22,000 shares of the stock in a transaction that occurred 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 sale, the general counsel now directly owns 89,385 shares of the company’s stock, valued at approximately $1,325,579.55. This trade represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,500 shares of company stock valued at $1,158,610. Insiders own 3.31% of the company’s stock.

Institutional Investors Weigh In On LendingClub

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in LendingClub by 21.6% during the 3rd quarter. Wellington Management Group LLP now owns 838,535 shares of the credit services provider’s stock valued at $9,584,000 after purchasing an additional 148,685 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of LendingClub during the third quarter valued at about $237,000. GSA Capital Partners LLP increased its position in shares of LendingClub by 47.3% during the third quarter. GSA Capital Partners LLP now owns 214,192 shares of the credit services provider’s stock worth $2,448,000 after acquiring an additional 68,791 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of LendingClub by 153.2% in the third quarter. Quantbot Technologies LP now owns 158,763 shares of the credit services provider’s stock worth $1,815,000 after acquiring an additional 96,053 shares in the last quarter. Finally, Alpha DNA Investment Management LLC purchased a new position in LendingClub in the third quarter valued at about $411,000. 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.