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

Key Points

• Happen Bank shares fell below their 50-day moving average, trading as low as $15.20 and last at $15.27, below the $15.53 average.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $23.33, despite Piper Sandler lowering its target from $25 to $20.
• The bank beat quarterly EPS estimates with $0.50 per share versus $0.47 expected, though revenue declined 1.1% year over year; insiders sold 114,650 shares over the past 90 days.

Happen Bank (NASDAQ:HAPN - Get Free Report)'s stock price 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 trading hands.

Wall Street Analysts Forecast Growth

HAPN has been the subject of several research reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Happen Bank in a research note on Tuesday, September 22nd. Piper Sandler cut their price target on shares of Happen Bank from $25.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, October 29th. Citizens Jmp increased their target price on shares of Happen Bank from $23.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Tuesday, July 28th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Happen Bank in a research note on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.33.

Happen Bank Trading Down 2.9%

The stock's 50-day moving average price is $15.53. The company has a market capitalization of $1.76 billion, a P/E ratio of 8.53 and a beta of 1.61.

Happen Bank (NASDAQ:HAPN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates 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. Happen Bank's revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts anticipate that Happen Bank will post 1.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Fergal Stack sold 40,000 shares of Happen Bank stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 114,977 shares in the company, valued at $2,168,466.22. The trade was a 25.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 business's stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $16.76, for a total transaction of $46,928.00. Following the transaction, the general counsel owned 100,813 shares of the company's stock, valued at $1,689,625.88. This trade represents a 2.70% 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. Insiders sold 114,650 shares of company stock worth $2,118,984 over the last 90 days. 3.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Happen Bank

A number of institutional investors and hedge funds have recently modified their holdings of the company. Voya Investment Management LLC increased its holdings in 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 buying an additional 251,595 shares during the last quarter. Sompo Asset Management Co. Ltd. raised its stake in Happen Bank by 20.0% in the third quarter. Sompo Asset Management Co. Ltd. now owns 17,380 shares of the company's stock valued at $257,000 after buying an additional 2,900 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Happen Bank in the third quarter valued at $5,375,000. Russell Investments Group Ltd. lifted its holdings in Happen Bank by 18.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 386,263 shares of the company's stock worth $5,709,000 after buying an additional 59,887 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC lifted its holdings in Happen Bank by 0.6% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 173,804 shares of the company's stock worth $2,569,000 after buying an additional 1,084 shares during the last quarter. Institutional investors and hedge funds own 74.08% of the company's stock.

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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