Miracle Mile Advisors LLC Sells 2,000 Shares of LendingClub Co. (NYSE:LC)

Miracle Mile Advisors LLC reduced its stake in shares of LendingClub Co. (NYSE:LC) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,134 shares of the credit services provider’s stock after selling 2,000 shares during the period. Miracle Mile Advisors LLC’s holdings in LendingClub were worth $195,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LC. Vanguard Group Inc. boosted its stake in shares of LendingClub by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 11,270,308 shares of the credit services provider’s stock valued at $98,502,000 after purchasing an additional 336,827 shares during the last quarter. Wellington Management Group LLP grew its holdings in LendingClub by 176.1% during the 4th quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock worth $11,749,000 after acquiring an additional 857,371 shares during the period. Sierra Summit Advisors LLC acquired a new position in shares of LendingClub in the 4th quarter valued at about $337,000. G2 Investment Partners Management LLC bought a new stake in shares of LendingClub during the 4th quarter valued at about $1,758,000. Finally, K2 Principal Fund L.P. acquired a new stake in LendingClub during the fourth quarter worth approximately $1,017,000. 74.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other LendingClub news, Director Erin Selleck sold 4,083 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $8.88, for a total transaction of $36,257.04. Following the transaction, the director now directly owns 54,571 shares in the company, valued at approximately $484,590.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.31% of the stock is currently owned by corporate insiders.

LendingClub Trading Up 0.6 %

LendingClub stock opened at $8.39 on Wednesday. The firm’s fifty day moving average price is $8.65 and its two-hundred day moving average price is $8.49. The firm has a market capitalization of $932.30 million, a price-to-earnings ratio of 24.68 and a beta of 2.06. LendingClub Co. has a 1-year low of $4.73 and a 1-year high of $10.92.

LendingClub (NYSE:LC) last released its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. The business had revenue of $180.69 million during the quarter, compared to the consensus estimate of $174.52 million. LendingClub had a return on equity of 3.04% and a net margin of 4.69%. During the same quarter in the previous year, the business earned $0.13 EPS. On average, research analysts forecast that LendingClub Co. will post 0.27 EPS for the current year.

Analyst Ratings Changes

LC has been the topic of several recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $10.00 price target (up from $9.50) on shares of LendingClub in a research note on Wednesday, May 1st. StockNews.com downgraded shares of LendingClub from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. Keefe, Bruyette & Woods raised their price target on shares of LendingClub from $9.50 to $10.00 and gave the stock a “market perform” rating in a report on Wednesday, May 1st. BTIG Research initiated coverage on shares of LendingClub in a report on Friday, June 7th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Wedbush restated an “outperform” rating and issued a $11.00 target price on shares of LendingClub in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.17.

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.