Why LendingClub Blasted Almost 50% Higher Today
On Thursday LendingClub (NYSE: LC) stock entered the stratosphere with an almost 48% gain. The fuse that lit the rocket was the company's publication of a fresh set of quarterly results.
LendingClub, which has been pivoting from its peer-to-peer borrowing roots into a more traditional financing provider, absolutely thrashed analyst estimates in its second quarter.
Helped greatly by the closing of its acquisition of Radius Bank earlier this year, both interest and non-interest income rose precipitously. They blended into an over fivefold gain in net revenue on a year-over-year basis to $204.4 million. That was supported by robust growth in loan originations, which came in more than eight times higher at $2.72 billion.
Source Fool.com
