May
12
LendingClub’s 42% Tumble Failed to Turn It Into a Cheap Stock
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Shares are starting to trade like banks they used to eclipse
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Price estimates have fallen almost as fast as the stock
Think the 42 percent plunge that lopped $1 billion from LendingClub Corp.’s market value in two days has left the stock a screaming buy? Think again.
Shares of the fast-growing fintech tumbled to $4.01 from their close last week at $7.10, extending the 2016 drop to 64 percent after its chief executive officer resigned amid questions about internal controls. Even after the trauma, and leaving aside anything that might happen to the business, it’s difficult to frame LendingClub as an obvious bargain relative to measures such as earnings and sales…
LendingClub’s 42% Tumble Failed to Turn It Into a Cheap Stock
