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BTIG analyst Mark Palmer reiterated a Buy rating on LendingClub Corp (NYSE: LC) yesterday and set a price target of $7. The company’s shares closed yesterday at $2.82, close to its 52-week low of $2.57.
Palmer wrote:
“in shares of LendingClub Corporation (LC) after the company released its 1Q18 results today after the market close were sorting through a mixed bag of data points that included a solid adjusted EBITDA beat during the quarter without the boost in FY18 guidance that typically would be expected in such a case. Management pointed to an uncertain outlook with regard to credit normalization and the potential for an increase in interest rates as the reason for their caution, which if not for the company’s checkered track record on guidance during the past couple of years could be chalked up to conservatism.”
According to TipRanks.com, Palmer is a 5-star analyst with an average return of 8.6% and a 58.7% success rate. Palmer covers the Financial sector, focusing on stocks such as Santander Consumer USA, Assured Guaranty Ltd, and Synchrony Financial.
Currently, the analyst consensus on LendingClub Corp is Moderate Buy and the average price target is $5.18, representing an 83.7% upside.
In a report issued on April 26, Maxim Group also reiterated a Buy rating on the stock with a $6 price target.
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Based on LendingClub Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $92.01 million. In comparison, last year the company had a GAAP net loss of $29.84 million.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LC in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
LendingClub Corp. engages in the operation of an online credit marketplace for borrowers and investors. It offers personal, business, auto refinance, and K-12 education loans; and patient solutions. The company was founded by Renaud Laplanche in October 2006 and is headquartered in San Francisco, CA.
