Shares of LendingClub Corp. LC, +52.43% skyrocketed toward a record rally to pace all premarket gainers Thursday, after the web-based lending company reported a surprise second-quarter profit and revenue that grew five-fold. The stock shot up 38.5% ahead of the open, which would surpass the current record one-day rally of 26.2% on Dec. 31, 2020. Wedbush analyst Henry Coffey reiterated the outperform rating he’s had on the stock since May 2019, while lifting his price target to a Wall Street high of $33.50 from $25.00, following the second-quarter results revealed late Wednesday, which he said were “bigger and better on all fronts.” Coffey said the company’s profitability was driven “by all the right items,” including high origination fees, higher margins at the bank and lower-than-anticipated operating costs. The stock has already soared 53.9% year to date through Wednesday, while the S&P 500 SPX, +0.64% has advanced 17.2%.
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