LendingClub (NYSE:LC) Sees Unusually-High Trading Volume – Still a Buy?

LendingClub Co. (NYSE:LC) saw unusually-high trading volume on Tuesday . Approximately 806,174 shares were traded during trading, a decline of 46% from the previous session’s volume of 1,502,282 shares.The stock last traded at $17.89 and had previously closed at $17.91.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LC. Piper Sandler restated an “overweight” rating and issued a $15.00 target price (up from $13.00) on shares of LendingClub in a research note on Thursday, October 24th. Compass Point lifted their target price on shares of LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods increased their price objective on LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Maxim Group lifted their price objective on shares of LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Wedbush increased their price objective on shares of LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

LendingClub Price Performance

The company has a market cap of $1.99 billion, a PE ratio of 38.93 and a beta of 2.02. The business’s fifty day simple moving average is $14.73 and its two-hundred day simple moving average is $11.77.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Wednesday, October 23rd. The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The company had revenue of $201.90 million for the quarter, compared to analyst estimates of $190.40 million. During the same period last year, the company earned $0.05 earnings per share. LendingClub’s quarterly revenue was up .5% compared to the same quarter last year. As a group, analysts predict that LendingClub Co. will post 0.47 EPS for the current year.

Insider Buying and Selling at LendingClub

In other LendingClub news, General Counsel Jordan Cheng sold 22,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $14.83, for a total value of $326,260.00. Following the transaction, the general counsel now owns 89,385 shares in the company, valued at approximately $1,325,579.55. This trade represents a 19.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total transaction of $188,530.00. Following the completion of the sale, the chief executive officer now owns 1,356,273 shares of the company’s stock, valued at $15,041,067.57. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,500 shares of company stock valued at $1,073,100 over the last ninety days. Corporate insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its position in shares of LendingClub by 16.3% during the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after buying an additional 1,732 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of LendingClub by 45.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 689,028 shares of the credit services provider’s stock worth $5,829,000 after purchasing an additional 213,823 shares during the period. Bank of New York Mellon Corp increased its position in shares of LendingClub by 9.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock worth $3,786,000 after purchasing an additional 38,912 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of LendingClub by 93.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,468 shares of the credit services provider’s stock worth $292,000 after purchasing an additional 16,606 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in LendingClub in the 2nd quarter valued at about $72,000. 74.08% of the stock is owned by institutional investors and hedge funds.

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.