The Vanguard Group, Inc. recently announced the acquisition of new stake in LendingClub Corporation (NYSE:LC). The institutional investor has increased its shareholding in the Financial company by 8.29% to 13.98 million shares with purchase of 1.07 million shares. This fresh investment now brings its stake to 13.12% valued currently at $131.45 million. In addition, BlackRock Fund Advisors raised its holdings by 0.57 million to 6.79 million shares. And Rubric Capital Management LP has lifted its position by 19.85% or 0.96 million shares – to 5.83 million shares.
With over 3.33 million LendingClub Corporation (LC) shares trading Friday and a closing price of $7.63 on the day, the dollar volume was approximately $25.38 million. The shares have shown a negative half year performance of -42.28% and its price on 03/10/23 lost nearly -7.63%. Currently, there are 105.67M common shares owned by the public and among those 101.99M shares have been available to trade.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for LC have a consensus price objective of $12.57. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $9.00. The average price target is 39.3% above its recent price level and an upside to the estimated low will see the stock gain 15.22% over that period. But an upside of 55.12% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 157 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 112 of these insider trades were purchases, accounting for 1,634,400 shares. Insider sales of the common stock occurred on 45 occasions, with total insider shares sold totaling 857,549 shares.
The top 3 mutual fund holders in LendingClub Corporation are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 3.29 million shares of the company’s stock, all valued at over $30.9 million. Vanguard Small Cap Index Fund bought 14874.0 shares to see its total holdings expand to 2.72 million shares valued at over $25.59 million and representing 2.56% of the shares outstanding. iShares Russell 2000 ETF sold 7218.0 shares to bring its total holdings to over 2.28 million shares at a value of $21.44 million. iShares Russell 2000 ETF now owns shares totaling to 2.14% of the shares outstanding.
Shares of LendingClub Corporation (NYSE: LC) opened at $8.20, down -$0.06 from a prior closing price of $8.26. However, the script later moved the day high at 8.25, down -7.63%. The company’s stock has a 5-day price change of -18.83% and -19.51% over the past three months. LC shares are trading -13.30% year to date (YTD), with the 12-month market performance down to -51.21% lower. It has a 12-month low price of $8.23 and touched a high of $17.48 over the same period. LC has an average intraday trading volume of 1.89 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -19.86%, -19.55%, and -34.31% respectively.
Institutional ownership of LendingClub Corporation (NYSE: LC) shares accounts for 84.10% of the company’s 105.67M shares outstanding. Mutual fund holders own 34.17%, while other institutional holders and individual stakeholders account for 47.04% and 3.13% respectively.
It has a market capitalization of $880.27M and a beta (3y monthly) value of 2.01. The stock’s trailing 12-month PE ratio is 2.77, while the earnings-per-share (ttm) stands at $2.75. The company has a debt-to-equity ratio at 5.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.66% over the week and 3.93% over the month.
Analysts forecast that LendingClub Corporation (LC) will achieve an EPS of $0.08 for the current quarter, $0.11 for the next quarter and $0.86 for 2024. The lowest estimate earnings-per-share for the quarter is $0.05 while analysts give the company a high EPS estimate of $0.12. Comparatively, EPS for the current quarter was $0.39 a year ago. Earnings per share for the fiscal year are expected to decrease by -66.70%, and 83.51% over the next financial year. EPS should shrink at an annualized rate of -8.60% over the next five years, compared to 28.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate LendingClub Corporation (LC) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the LC, a number of firms have released research notes about the stock. Janney stated their Neutral rating for the stock in a research note on January 26, 2023, with the firm’s price target at $10. Janney coverage for the LendingClub Corporation (LC) stock in a research note released on January 12, 2022 offered a Buy rating with a price target of $32. Seaport Research Partners was of a view on January 11, 2022 that the stock is Buy, while Wedbush gave the stock Outperform rating on December 22, 2021, issuing a price target of $50- $40. Compass Point on their part issued Buy rating on October 28, 2021.
Leave a Reply