Why Shares of LendingClub Are Up Today
Shares of the digital marketplace bank LendingClub (NYSE: LC) traded as much as 10.9% higher this morning for no obvious reason, although I think investors may be starting to get excited about third-quarter earnings.
I didn't see any super-specific news for the company, but the stock has struggled a bit over the last month, like a lot of the market, so perhaps the strong market conditions helped the company bounce back.
LendingClub also announced its third-quarter earnings release date for the end of October, and those earnings could be a very important catalyst for the stock. In the second quarter, after getting its new model in place, LendingClub completely blew out all earnings expectations, including its own, generating a profit ahead of schedule and originating $2.7 billion worth of volume in the quarter. The company also significantly raised its 2021 guidance. The news sent the stock soaring more than 40% in after-hours trading that day.
Source Fool.com
