LendingClub (NYSE:LC), a digital bank and online lending platform, has seen its shares print a new 52 week high as markets rally.
LendingClub’s shares once trolled the cellar of value trading under $5. Today, the once-moribund equity, has been reanimated and is now trading at almost $34 a share thus representing a huge shift in value.
While LendingClub is benefiting from a robust market in general, its transition to a digital bank from just another online lender, appears to be paying off.
At the beginning of the year, LendingClub completed its acquisition of Radius Bancorp. The company has since been working at transitioning to LendingClub Bank. Last quarter, LendingClub reported a net income, topping expectations. LendingClub. At that time, LendingClub reported more than 3.5 million customers and lifetime loan originations of $65 billion.
LendingClub will report Q3 results on October 27, 2021, at 5 PM ET. Expectations are high that it will continue to operate in the black as it offers a growing portfolio of services to consumers, operating as a nationally chartered digital bank.