Happen Bank (NASDAQ:HAPN) Shares Cross Above 50 Day Moving Average After Analyst Downgrade

Shares of Happen Bank (NASDAQ:HAPN) passed above its 50 day moving average during trading on Thursday after Citizens Jmp raised their price target on the stock from $23.00 to $25.00. The stock has a 50 day moving average of $15.95 and traded as high as $16.06. Citizens Jmp currently has a market outperform rating on the stock. Happen Bank shares last traded at $16.04, with a volume of 5,394,635 shares.

Other analysts also recently issued reports about the stock. Weiss Ratings initiated coverage on shares of Happen Bank in a report on Thursday, June 25th. They issued a “hold (c+)” rating on the stock. BTIG Research restated a “buy” rating and issued a $25.00 target price on shares of Happen Bank in a report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.33.

Insider Activity at Happen Bank

In related news, SVP Fergal Stack sold 37,500 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $18.64, for a total transaction of $699,000.00. Following the sale, the senior vice president owned 77,477 shares in the company, valued at approximately $1,444,171.28. This represents a 32.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jordan Cheng sold 2,800 shares of the stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $16.00, for a total value of $44,800.00. Following the sale, the general counsel owned 103,613 shares in the company, valued at $1,657,808. The trade was a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 140,600 shares of company stock worth $2,663,156. Company insiders own 3.31% of the company’s stock.

Happen Bank Price Performance

The company has a market cap of $1.80 billion, a price-to-earnings ratio of 8.76 and a beta of 1.61. The business has a 50 day moving average price of $15.90.

Happen Bank (NASDAQ:HAPN) last released its quarterly earnings data on Wednesday, October 28th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. Happen Bank had a return on equity of 13.62% and a net margin of 20.16%. The firm had revenue of $279.09 million during the quarter. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Happen Bank will post 1.89 EPS for the current year.

Happen Bank Company Profile

Happen Bank, originally founded as LendingClub in 2006, is a digital bank primarily built for high-FICO, high-income borrowers that are actively managing their financial lives. The company offers products to make financial progress both fast and easy. Additionally, the company provides advanced credit underwriting, a proprietary technology platform, and a marketplace bank model intended to drive value for members, loan investors, and shareholders. Happen Bank is headquartered in San Fancisco, California.