Why LendingClub Fell 15.1% in March
Shares of online lender LendingClub (NYSE: LC) fell 15.1% in March, according to data from S&P Global Market Intelligence.
There wasn't any financial news coming out of LendingClub during March. In fact, on March 30, the company, founded in 2007, announced it had reached an impressive milestone of 4 million members.
So why did the stock fall? Well, LendingClub's CEO did say in an interview at the beginning of the month that the company was not interested in the cryptocurrency space, perhaps dampening enthusiasm from crypto-enthusiast growth investors. In addition, Federal Reserve Chairman Jerome Powell hinted at faster and steeper rate hikes this year, which has sparked fears of a recession, hitting all fintech stocks hard.
Source Fool.com
