LendingClub Co. (NYSE:LC) sees sharp rise in short-term interest

LendingClub Co. (NYSE: LC – Get a rating) benefited from significant growth in short-term interest during the month of July. As of July 31, there was short interest totaling 8,080,000 shares, up 5.5% from the July 15 total of 7,660,000 shares. Based on an average trading volume of 1,880,000 shares, the short interest ratio is currently 4.3 days.

Changes to analyst ratings

A number of equity research analysts have recently commented on LC shares. Credit Suisse Group lowered its price target on LendingClub shares from $25.00 to $20.00 and set a “neutral” rating for the company in a Thursday, July 28 report. Wedbush raised its price target on LendingClub shares to $20.00 in a Tuesday, July 26 research report. Two investment analysts gave the stock a hold rating and five gave the stock a buy rating. According to MarketBeat.com, LendingClub has a consensus rating of “Moderate Buy” and an average target price of $37.40.

Insider activity

In other news, Insider Annie Armstrong sold 2,027 shares in a trade on Friday, July 22. The shares were sold at an average price of $15.00, for a total transaction of $30,405.00. Following the completion of the sale, the insider now directly owns 101,601 shares of the company, valued at $1,524,015. The transaction was disclosed in an SEC filing, available at this link. In other news, SVP Fergal Stack sold 5,405 shares of the company in a trade that took place on Thursday, May 26. The shares were sold at an average price of $14.06, for a total value of $75,994.30. Following the sale, the senior vice president now owns 127,500 shares of the company, valued at $1,792,650. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC website. Also, insider Annie Armstrong sold 2,027 shares of the company in a transaction that took place on Friday, July 22. The shares were sold at an average price of $15.00, for a total transaction of $30,405.00. Following the completion of the sale, the insider now directly owns 101,601 shares of the company, valued at approximately $1,524,015. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 35,035 shares of the company valued at $498,139. Insiders hold 3.22% of the shares of the company.

Institutional entries and exits

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Hedge funds and other institutional investors have recently changed their stock holdings. Point72 Hong Kong Ltd acquired a new position in shares of LendingClub in the fourth quarter worth $27,000. Lazard Asset Management LLC acquired a new position in shares of LendingClub in the first quarter worth approximately $30,000. PNC Financial Services Group Inc. increased its stake in LendingClub by 367.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,607 shares of the credit services provider valued at $41,000 after buying 2,049 additional shares last quarter. Daiwa Securities Group Inc. increased its stake in LendingClub by 45.8% during the first quarter. Daiwa Securities Group Inc. now owns 4,232 shares of the credit services provider valued at $67,000 after buying 1,329 additional shares last quarter. Finally, Captrust Financial Advisors increased its position in LendingClub shares by 1,610.3% during the 1st quarter. Captrust Financial Advisors now owns 6,499 shares of the credit service provider worth $103,000 after purchasing an additional 6,119 shares during the period. 80.27% of the shares are currently held by hedge funds and other institutional investors.

LendingClub Price Performance

LC shares rose $0.14 during trading hours on Tuesday, hitting $15.70. 1,235,232 shares of the company were traded, against an average volume of 2,281,776. The company has a 50-day moving average of $13.59 and a two-hundred-day moving average of $14.91. LendingClub has a fifty-two week low of $11.16 and a fifty-two week high of $49.21. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt ratio of 0.11. The company has a market capitalization of $1.63 billion, a P/E ratio of 5.92 and a beta of 2.01.

LendingClub (NYSE:LC- Get a rating) last released its quarterly results on Wednesday, July 27. The credit service provider reported earnings per share of $0.45 for the quarter, beating analysts’ consensus estimate of $0.40 by $0.05. LendingClub had a return on equity of 27.96% and a net margin of 24.75%. The company posted revenue of $330.10 million in the quarter, compared to $298.97 million expected by analysts. During the same period of the previous year, the company posted an EPS of $0.09. The company’s revenue increased by 61.5% compared to the same quarter last year. Sell-side analysts expect LendingClub to post 1.5 EPS for the current year.

About LendingClub

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LendingClub Corporation, operates as a bank holding company for LendingClub Bank, a national association that provides a range of financial products and services through a technology platform in the United States. The Company provides commercial and industrial real estate, commercial real estate, small business and equipment loans, as well as rental equipment; and unsecured personal and auto loans, patient financing and education financing.

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