PVG Asset Management Corp Acquires New Holdings in LendingClub Corporation $LC

PVG Asset Management Corp bought a new position in shares of LendingClub Corporation (NYSE:LC) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 42,137 shares of the credit services provider’s stock, valued at approximately $603,000.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of LendingClub during the 4th quarter valued at $40,000. Kestra Advisory Services LLC acquired a new stake in shares of LendingClub during the fourth quarter valued at about $44,000. Quarry LP boosted its stake in shares of LendingClub by 343.0% during the third quarter. Quarry LP now owns 3,030 shares of the credit services provider’s stock valued at $46,000 after purchasing an additional 2,346 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of LendingClub during the second quarter worth about $53,000. Finally, Larson Financial Group LLC increased its stake in shares of LendingClub by 1,435.4% in the fourth quarter. Larson Financial Group LLC now owns 3,040 shares of the credit services provider’s stock valued at $58,000 after buying an additional 2,842 shares during the period. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Stephens reiterated an “overweight” rating and set a $22.50 target price (up from $21.00) on shares of LendingClub in a research report on Tuesday, April 28th. Zacks Research upgraded shares of LendingClub from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of LendingClub in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.07.

LendingClub Stock Performance

Shares of NYSE LC opened at $19.21 on Monday. The company has a market capitalization of $2.22 billion, a P/E ratio of 12.89 and a beta of 1.98. LendingClub Corporation has a 52-week low of $10.74 and a 52-week high of $21.67. The company’s 50 day moving average price is $18.59 and its 200-day moving average price is $17.09.

Insider Activity

In related news, SVP Fergal Stack sold 60,000 shares of LendingClub stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $19.00, for a total transaction of $1,140,000.00. Following the completion of the transaction, the senior vice president owned 204,977 shares of the company’s stock, valued at $3,894,563. This trade represents a 22.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jordan Cheng sold 5,500 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.46, for a total transaction of $96,030.00. Following the completion of the transaction, the general counsel owned 108,074 shares in the company, valued at approximately $1,886,972.04. The trade was a 4.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 119,750 shares of company stock valued at $2,183,691. 3.19% of the stock is owned by corporate insiders.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.