Lendingclub (NASDAQ:HAPN) Stock Breaks Above 50 Day Moving Average on Analyst Downgrade

Key Points

• LendingClub shares rose 11.9% and moved above their 50-day moving average of $15.95, trading near $16.04 after Citizens JMP raised its price target from $23 to $25 while maintaining an outperform rating.
• Analyst sentiment remains positive overall, with three Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $23.33.
• The company exceeded quarterly earnings expectations, reporting $0.50 in EPS versus $0.47 expected and $279.09 million in revenue, though revenue declined 1.1% year over year. Insiders have sold 137,800 shares worth about $2.62 million over the past 90 days.

Lendingclub Corp (NASDAQ:HAPN - Get Free Report)'s share price crossed 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. Lendingclub shares last traded at $16.04, with a volume of 5,394,635 shares traded.

A number of other equities analysts also recently commented on the stock. Weiss Ratings began coverage on shares of Lendingclub in a research note on Thursday, June 25th. They set a "hold (c+)" rating on the stock. BTIG Research restated a "buy" rating and set a $25.00 price target on shares of Lendingclub in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Lendingclub currently has a consensus rating of "Moderate Buy" and an average price target of $23.33.

Insider Activity at Lendingclub

In other Lendingclub news, General Counsel Jordan Cheng sold 2,800 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $17.56, for a total value of $49,168.00. Following the transaction, the general counsel owned 106,413 shares of the company's stock, valued at $1,868,612.28. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Fergal Stack sold 37,500 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $18.64, for a total transaction of $699,000.00. Following the transaction, the senior vice president directly owned 77,477 shares of the company's stock, valued at approximately $1,444,171.28. This trade represents a 32.62% decrease in their position. 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. In the last ninety days, insiders have sold 137,800 shares of company stock worth $2,618,356. Company insiders own 3.31% of the company's stock.

Lendingclub Trading Up 11.9%

The company has a market capitalization of $1.85 billion, a PE ratio of 8.96 and a beta of 1.88. The company has a 50-day moving average of $15.95.

Lendingclub (NASDAQ:HAPN - Get Free Report) last announced its earnings results on Wednesday, October 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. Lendingclub had a return on equity of 13.76% and a net margin of 20.16%. The company had revenue of $279.09 million for the quarter. Lendingclub's revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Lendingclub Corp will post 1.86 earnings per share for the current fiscal year.

About Lendingclub

LendingClub Corporation is a U.S.-based financial technology company that operates a digital banking and lending platform. The company connects consumers seeking credit with funding sources and provides personal loans, debt-consolidation loans, auto-refinancing loans and other consumer credit products through its online platform.

Following its acquisition of Radius Bancorp in 2020, LendingClub also operates as a bank holding company through LendingClub Bank, National Association. Its banking operations support consumer and commercial lending, as well as deposit products designed to provide funding for loans and other banking activities.

Founded in 2006, LendingClub primarily serves customers in the United States.

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