LendingClub Corp (NYSE:LC) announced the addition of Sameer Gulati, who will join the company May 16 in the newly-created position of Chief Operations Officer, and the promotion of Scott Sanborn to President.
Gulati will join Lending Club from McKinsey & Company where he was a partner and leader of the Digital Banking practice. He will report to CEO Renaud Laplanche and have responsibility over Lending Club’s Operations and Corporate Strategy.
Sanborn joined Lending Club as Chief Marketing Officer in 2010 and was promoted to Chief Operating and Marketing Officer in 2013. In his new role, Sanborn will oversee the company’s product lines (personal loans, small business and patient and education financing) as well as marketing and product development.
“Scott and Sameer are world-class executives who have proven their effectiveness in building and managing high-performing teams,” Laplanche said. “They both embrace Lending Club’s mission of making credit more affordable and investing more rewarding, and are both passionate about using technology and better processes to design and deliver products that change people’s lives. We are fortunate to be able promote Scott and hire Sameer into these two new roles in the company.”
Gulati has more than a decade of experience advising global and emerging financial services institutions on topics in retail banking, consumer credit, digital payments, and risk management. Prior to that, he spent several years in technology roles implementing solutions for financial services players. He holds an MBA in strategy and entrepreneurship from the University of Chicago Booth School of Business and a B. Tech. in chemical engineering and computer science from the Indian Institute of Technology in New Delhi. (Original Source)
Shares of Lendingclub are currently trading at $7.58, down $0.70 or -8.45%. LC has a 1-year high of $19.48 and a 1-year low of $6.34. The stock’s 50-day moving average is $8.34 and its 200-day moving average is $10.54.
On the ratings front, Lendingclub has been the subject of a number of recent research reports. In a report issued on February 29, BTIG analyst Mark Palmer maintained a Buy rating on LC, with a price target of $21, which represents a potential upside of 153.6% from where the stock is currently trading. Separately, on February 25, Sterne Agee CRT’s Henry Coffey downgraded the stock to Hold and has a price target of $8.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Palmer and Henry Coffey have a total average return of -8.2% and -0.6% respectively. Palmer has a success rate of 42.1% and is ranked #3769 out of 3827 analysts, while Coffey has a success rate of 41.7% and is ranked #2609.
The street is mostly Bullish on LC stock. Out of 4 analysts who cover the stock, 2 suggest a Buy rating , one suggests a Sell and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $6.00, which represents a potential downside of 27.5% from where the stock is currently trading.
LendingClub Corp. operates as an online credit marketplace. It engages in the provision of facilitating personal loans, business loans, and financing for elective medical procedures. The company was founded by Renaud Laplanche in October 2006 and is headquartered in San Francisco, CA.