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At $7, shares of LendingClub have been a massive underperformer since the company went public in December 2014. Priced at $15, shares opened well above $20 but have since trended down. Affecting performance is an increasingly competitive market of online lenders and worries that higher US interest rates will slow down loan originations.
Taking shares lower was a report from Bloomberg about an increase in LendingClub’s non-performing loans. The report was based on loan performance analysis made public by LC Advisors, a subsidiary of LendingClub.
Responding to the Bloomberg report, which subsequently was further covered ... (read more)