Happen Bank (NASDAQ:HAPN) Stock Breaks Below Fifty Day Moving Average – Time to Sell?

Happen Bank (NASDAQ:HAPN) passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $15.53 and traded as low as $15.20. Happen Bank shares last traded at $15.27, with a volume of 2,409,702 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HAPN. Citizens Jmp boosted their target price on Happen Bank from $23.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Tuesday, July 28th. BTIG Research reiterated a “buy” rating and issued a $25.00 price target on shares of Happen Bank in a research note on Tuesday, July 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Happen Bank in a report on Tuesday, September 22nd. Finally, Piper Sandler reduced their price objective on shares of Happen Bank from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.33.

Happen Bank Stock Down 2.9%

The company has a market capitalization of $1.76 billion, a PE ratio of 8.53 and a beta of 1.61. The stock’s 50-day simple moving average is $15.53.

Happen Bank (NASDAQ:HAPN) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The firm had revenue of $279.09 million for the quarter. Happen Bank had a return on equity of 13.62% and a net margin of 20.16%. The business’s revenue was down 1.1% on a year-over-year basis. Research analysts anticipate that Happen Bank will post 1.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other Happen Bank news, SVP Fergal Stack sold 40,000 shares of Happen Bank stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $18.86, for a total value of $754,400.00. Following the transaction, the senior vice president directly owned 114,977 shares in the company, valued at approximately $2,168,466.22. The trade was a 25.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Scott Sanborn sold 28,750 shares of Happen Bank stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $18.25, for a total transaction of $524,687.50. Following the completion of the transaction, the chief executive officer owned 1,462,774 shares in the company, valued at approximately $26,695,625.50. This represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 114,650 shares of company stock valued at $2,118,984. Insiders own 3.31% of the company’s stock.

Institutional Trading of Happen Bank

A number of hedge funds have recently added to or reduced their stakes in HAPN. Russell Investments Group Ltd. grew its stake in shares of Happen Bank by 18.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 386,263 shares of the company’s stock valued at $5,709,000 after purchasing an additional 59,887 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Happen Bank in the third quarter valued at approximately $5,375,000. Voya Investment Management LLC increased its holdings in shares of Happen Bank by 466.0% in the third quarter. Voya Investment Management LLC now owns 305,582 shares of the company’s stock valued at $4,517,000 after purchasing an additional 251,595 shares during the period. Knights of Columbus Asset Advisors LLC raised its stake in shares of Happen Bank by 0.6% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 173,804 shares of the company’s stock worth $2,569,000 after purchasing an additional 1,084 shares during the last quarter. Finally, Sompo Asset Management Co. Ltd. raised its stake in shares of Happen Bank by 20.0% during the third quarter. Sompo Asset Management Co. Ltd. now owns 17,380 shares of the company’s stock worth $257,000 after purchasing an additional 2,900 shares during the last quarter. 74.08% of the stock is owned by institutional investors and hedge funds.

About Happen Bank

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.