LendingClub Corp LC experienced a 25.10% surge in after-hours trading on Tuesday, following the release of its second-quarter financial results.
Check out the current price of LC stock here.
What Happened: The stock of the San Francisco-based digital marketplace bank reached $16.40 in after-hours trading.
According to the Benzinga Pro data, the company’s stock closed at $13.11 on Tuesday, after gaining a 1.24% increase during regular trading hours. The stock’s value has ranged between $7.90 and $18.75 over the past year.
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Scott Sanborn, CEO, LendingClub, also announced a loan funding partnership extension with alternative asset manager Blue Owl, totaling up to $3.4 billion over two years. He stated in a press statement, “We also announced a long-term loan sales partnership extension and launched another new product with our innovative LevelUp Checking account. I’m energized by the results across the business and look forward to building on the momentum over the second half of the year.”
Why It Matters: LendingClub reported a strong second-quarter performance, with a 156% increase in net income. The company’s second-quarter revenue and net income growth outperformed the previous year by 33% and 32%, respectively.
Benzinga’s Edge Stock Rankings indicate LC stock has a positive price trend across all time frames. Here is how the stock fares on other parameters.
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