LendingClub Co. (NYSE:LC) Shares Sold by Millennium Management LLC

Millennium Management LLC trimmed its position in LendingClub Co. (NYSE:LC) by 24.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 810,372 shares of the credit services provider’s stock after selling 265,420 shares during the period. Millennium Management LLC owned approximately 0.73% of LendingClub worth $6,856,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC increased its holdings in shares of LendingClub by 44.9% in the first quarter. EntryPoint Capital LLC now owns 7,514 shares of the credit services provider’s stock valued at $66,000 after buying an additional 2,328 shares in the last quarter. nVerses Capital LLC acquired a new position in LendingClub during the second quarter worth $71,000. Innealta Capital LLC acquired a new position in LendingClub during the second quarter worth $72,000. SG Americas Securities LLC grew its position in shares of LendingClub by 16.3% in the second quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after purchasing an additional 1,732 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of LendingClub in the first quarter valued at about $129,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

LendingClub Price Performance

LC stock opened at $12.48 on Friday. The company has a 50 day moving average price of $11.13 and a 200 day moving average price of $9.67. LendingClub Co. has a fifty-two week low of $4.73 and a fifty-two week high of $12.87. The stock has a market capitalization of $1.39 billion, a PE ratio of 36.71 and a beta of 2.04.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.09. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The company had revenue of $187.20 million during the quarter, compared to analyst estimates of $177.03 million. During the same quarter in the previous year, the business earned $0.09 EPS. The firm’s revenue was down 19.5% on a year-over-year basis. As a group, equities analysts expect that LendingClub Co. will post 0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LC shares. Compass Point raised their price target on LendingClub from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $11.50 to $15.00 in a research note on Thursday. JPMorgan Chase & Co. raised their price target on shares of LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. StockNews.com upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Wedbush raised their price target on shares of LendingClub from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.57.

Insiders Place Their Bets

In other news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $11.36, for a total value of $193,120.00. Following the sale, the chief executive officer now directly owns 1,373,273 shares of the company’s stock, valued at approximately $15,600,381.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 51,703 shares of company stock valued at $562,705 in the last three months. 3.31% of the stock is currently owned by corporate insiders.

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.