Senvest Management LLC Sells 422,792 Shares of LendingClub Co. (NYSE:LC)

Senvest Management LLC reduced its holdings in LendingClub Co. (NYSE:LC) by 22.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,479,587 shares of the credit services provider’s stock after selling 422,792 shares during the quarter. Senvest Management LLC’s holdings in LendingClub were worth $16,912,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Alpha DNA Investment Management LLC purchased a new stake in LendingClub in the third quarter worth $411,000. Algert Global LLC lifted its position in shares of LendingClub by 109.9% in the 3rd quarter. Algert Global LLC now owns 307,133 shares of the credit services provider’s stock worth $3,511,000 after purchasing an additional 160,828 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of LendingClub by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 901,357 shares of the credit services provider’s stock valued at $10,303,000 after purchasing an additional 10,094 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of LendingClub during the third quarter valued at about $454,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of LendingClub during the third quarter valued at about $326,000. 74.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LC shares. Piper Sandler reaffirmed an “overweight” rating and set a $15.00 price objective (up from $13.00) on shares of LendingClub in a research report on Thursday, October 24th. Compass Point raised their target price on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods raised LendingClub from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $11.50 to $15.00 in a research note on Thursday, October 10th. Wedbush increased their price objective on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, StockNews.com cut shares of LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $15.38.

LendingClub Trading Up 5.2 %

Shares of NYSE:LC opened at $16.73 on Friday. The stock has a fifty day simple moving average of $13.09 and a two-hundred day simple moving average of $10.95. LendingClub Co. has a 12-month low of $5.51 and a 12-month high of $16.75. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 36.37 and a beta of 2.01.

LendingClub (NYSE:LC) last posted its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.06. The firm had revenue of $201.90 million during the quarter, compared to analyst estimates of $190.40 million. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. LendingClub’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. As a group, equities research analysts predict that LendingClub Co. will post 0.47 EPS for the current year.

Insiders Place Their Bets

In related news, Director John C. Morris sold 2,500 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $14.36, for a total transaction of $35,900.00. Following the transaction, the director now owns 203,348 shares in the company, valued at $2,920,077.28. This represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total value of $188,530.00. Following the transaction, the chief executive officer now directly owns 1,356,273 shares in the company, valued at $15,041,067.57. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,500 shares of company stock valued at $996,940. Insiders own 3.31% of the company’s stock.

LendingClub Profile

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.