LendingClub Corp Received its Third Buy in a Row

After BTIG and Morgan Stanley assigned a Buy rating to LendingClub Corp in the last month, the company received another Buy, this time from Maxim Group. Analyst Michael Diana reiterated a Buy rating on LendingClub Corp (NYSE: LC) today and set a price target of $6. The company’s shares closed yesterday at $2.82, close to its 52-week low of $2.57.

Diana wrote:

“After a rocky 4Q17 results, including disappointing guidance, LC reported solid 1Q18 results and appeared on track to hit its core 2018 guidance, which was unchanged. We are tweaking our 2018 and 2019 adjusted EBITDA estimates, and reiterating our Buy rating and our $6 price target..”

According to TipRanks.com, Diana is a 5-star analyst with an average return of 6.9% and a 63.5% success rate. Diana covers the Financial sector, focusing on stocks such as Manhattan Bridge Capital Inc, Arlington Asset Investment, and Westamerica Bancorporation.

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, Morgan Stanley also maintained 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.

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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.