LendingClub Corp (LC) is Initiated by Wedbush to Underperform, Price Target at $3.75

LendingClub Corp (LC) was Initiated by Wedbush to “Underperform” and the brokerage firm has set the Price Target at $3.75. Wedbush advised their investors in a research report released on Oct 11, 2016.

On the company’s financial health, LendingClub Corp reported $-0.09 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus of $-0.02. The company had revenue of $102.39 million for the quarter, compared to analysts expectations of $100.42 million. The company’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS.

LendingClub Corp closed down -0.1 points or -1.65% at $5.95 with 62,04,714 shares getting traded on Friday. Post opening the session at $6.03, the shares hit an intraday low of $5.865 and an intraday high of $6.12 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Sep 28, 2016, Sameer Gulati (Chief Operations Officer) sold 6,105 shares at $6.08 per share price. According to the SEC, on Aug 30, 2016, Sandeep Bhandari (Chief Credit Officer) sold 9,771 shares at $5.55 per share price. On Aug 29, 2016, Bradley Coleman (Principle Accounting Officer) sold 1,943 shares at $5.60 per share price, according to the Form-4 filing with the securities and exchange commission.

LendingClub Corporation (Lending Club) is engaged in providing online marketplace for connecting borrowers and investors. The Company’s online marketplace connects borrowers. Lending Club’s marketplace allows borrowers and investors to engage in transactions relating to standard or custom program loans. The Company’s standard program loans are a part of the standard loan program. The standard program loans are three- or five-year unsecured personal loans which are offered to borrowers. These loans can be invested in through the purchase of notes issued pursuant to a Note Registration Statement and are available through the Company’s Website. The custom program loans include small business loans super prime consumer loans education and patient finance loans and personal loans. The Company’s technology platform supports its marketplace and makes available loan products to investor channels.

LendingClub Corp

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