LendingClub (NYSE:LC) Price Target Cut to $17.00 by Analysts at Morgan Stanley

LendingClub (NYSE:LC) had its target price cut by Morgan Stanley from $23.75 to $17.00 in a research report report published on Friday morning, BenzingaRatingsTable reports. They currently have an equal weight rating on the credit services provider’s stock.

Several other equities research analysts have also recently weighed in on the company. Wedbush reiterated an outperform rating on shares of Purple Innovation in a report on Wednesday, May 8th. ValuEngine cut Intersect ENT from a buy rating to a hold rating in a report on Monday, July 8th. Maxim Group restated a buy rating and set a $22.50 price objective (up from $4.50) on shares of LendingClub in a research note on Tuesday, July 9th. Finally, Zacks Investment Research upgraded HB Fuller from a sell rating to a hold rating in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $20.65.

NYSE LC opened at $16.03 on Friday. The company has a market cap of $1.38 billion, a P/E ratio of -45.80 and a beta of 1.59. The company has a current ratio of 4.88, a quick ratio of 3.93 and a debt-to-equity ratio of 2.27. The firm’s 50 day moving average is $5.06. LendingClub has a fifty-two week low of $12.30 and a fifty-two week high of $22.75.

LendingClub (NYSE:LC) last released its earnings results on Tuesday, May 7th. The credit services provider reported ($0.15) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.15). The firm had revenue of $174.40 million for the quarter, compared to the consensus estimate of $170.45 million. LendingClub had a negative return on equity of 3.19% and a negative net margin of 16.31%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS. On average, research analysts expect that LendingClub will post -0.21 EPS for the current fiscal year.

In other news, insider Valerie Kay sold 9,500 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $3.10, for a total value of $29,450.00. Following the transaction, the insider now directly owns 241,851 shares of the company’s stock, valued at $749,738.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary G. Meeker sold 100,000 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $3.57, for a total value of $357,000.00. The disclosure for this sale can be found here. Insiders sold 1,045,833 shares of company stock worth $3,517,142 over the last three months. Corporate insiders own 4.20% of the company’s stock.

A number of institutional investors have recently bought and sold shares of LC. ARK Investment Management LLC grew its holdings in LendingClub by 22.4% during the first quarter. ARK Investment Management LLC now owns 21,453,157 shares of the credit services provider’s stock worth $66,290,000 after acquiring an additional 3,926,187 shares during the period. Norges Bank acquired a new stake in LendingClub in the fourth quarter valued at approximately $7,608,000. Actinver Wealth Management Inc. acquired a new stake in LendingClub in the fourth quarter valued at approximately $2,244,000. Geode Capital Management LLC grew its holdings in LendingClub by 10.7% in the fourth quarter. Geode Capital Management LLC now owns 4,048,074 shares of the credit services provider’s stock valued at $10,646,000 after purchasing an additional 392,103 shares during the period. Finally, American International Group Inc. grew its holdings in LendingClub by 125.8% in the first quarter. American International Group Inc. now owns 477,295 shares of the credit services provider’s stock valued at $1,475,000 after purchasing an additional 265,872 shares during the period.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace platform that connects borrowers and investors in the United States. The company's marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, unsecured education and patient installment loans, auto refinance loans, and small business loans.

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