Happen Bank (NASDAQ:HAPN – Get Free Report) rose 10% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $15.68 and last traded at $15.7770. Approximately 306,633 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,035,610 shares. The stock had previously closed at $14.34.
The company reported $0.50 earnings per share for the quarter, topping 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 business had revenue of $279.09 million during the quarter. The business’s revenue for the quarter was down 1.1% on a year-over-year basis.
Analysts Set New Price Targets
Several analysts have recently issued reports on the company. Piper Sandler decreased their price objective on Happen Bank from $25.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. 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. Weiss Ratings restated a “hold (c+)” rating on shares of Happen Bank in a report on Tuesday, September 22nd. Finally, Citizens Jmp boosted their target price on shares of Happen Bank from $23.00 to $25.00 and gave the stock a “market outperform” rating 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.
Read Our Latest Research Report on Happen Bank
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 Trading Up 0.8%
The stock has a 50 day simple moving average of $15.90. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 8.76 and a beta of 1.61.
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.
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