Lendingclub Corp (NASDAQ:HAPN – Get Free Report)’s stock price was up 10% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $15.68 and last traded at $15.7770. 306,633 shares changed hands during trading, a decline of 85% from the average daily volume of 2,035,610 shares. The stock had previously closed at $14.34.
The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. Lendingclub had a return on equity of 12.92% and a net margin of 18.67%. The company had revenue of $279.09 million for the quarter. The business’s revenue was down 1.1% on a year-over-year basis.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. BTIG Research restated a “buy” rating and set a $25.00 price target on shares of Lendingclub in a research note on Tuesday, July 28th. Citizens Jmp upped their price target on Lendingclub from $23.00 to $25.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Lendingclub in a report on Tuesday, September 22nd. Finally, Piper Sandler dropped their target price on Lendingclub from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.33.
Get Our Latest Stock Report on Lendingclub
Insider Buying and Selling
In other news, SVP Fergal Stack sold 37,500 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $18.64, for a total transaction of $699,000.00. Following the completion of the sale, the senior vice president directly owned 77,477 shares of the company’s stock, valued at $1,444,171.28. The trade was a 32.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Scott Sanborn sold 28,750 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $18.25, for a total transaction of $524,687.50. Following the completion of the sale, the chief executive officer directly owned 1,462,774 shares of the company’s stock, valued at $26,695,625.50. This trade represents a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 137,800 shares of company stock valued at $2,618,356. Insiders own 3.31% of the company’s stock.
Lendingclub Stock Performance
The company’s fifty day moving average price is $16.00. The firm has a market cap of $1.82 billion, a P/E ratio of 9.49 and a beta of 1.88.
Lendingclub Company Profile
LendingClub Corporation is a U.S.-based financial technology company that operates a digital banking and lending platform. The company connects consumers seeking credit with funding sources and provides personal loans, debt-consolidation loans, auto-refinancing loans and other consumer credit products through its online platform.
Following its acquisition of Radius Bancorp in 2020, LendingClub also operates as a bank holding company through LendingClub Bank, National Association. Its banking operations support consumer and commercial lending, as well as deposit products designed to provide funding for loans and other banking activities.
Founded in 2006, LendingClub primarily serves customers in the United States.
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