Lendingclub (NASDAQ:HAPN) Stock Price Crosses Above 50 Day Moving Average Following Analyst Downgrade

Lendingclub Corp (NASDAQ:HAPN)’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 changing hands.

A number of other analysts have also issued reports on the stock. Weiss Ratings started coverage on shares of Lendingclub in a research note on Thursday, June 25th. They set a “hold (c+)” rating on the stock. BTIG Research reissued a “buy” rating and issued a $25.00 price objective on shares of Lendingclub 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.33.

Insider Transactions at Lendingclub

In related news, CEO Scott Sanborn sold 28,750 shares of Lendingclub stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $18.25, for a total value of $524,687.50. Following the completion of the transaction, the chief executive officer owned 1,462,774 shares in the company, valued at $26,695,625.50. The trade was a 1.93% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Fergal Stack sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $18.86, for a total transaction of $754,400.00. Following the transaction, the senior vice president owned 114,977 shares of the company’s stock, valued at $2,168,466.22. This trade represents a 25.81% 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. Over the last ninety days, insiders sold 137,800 shares of company stock valued at $2,618,356. 3.31% of the stock is currently owned by corporate insiders.

Lendingclub Trading Up 11.9%

The firm has a market capitalization of $1.85 billion, a PE ratio of 8.96 and a beta of 1.88. The stock’s fifty day simple moving average is $15.95.

Lendingclub (NASDAQ:HAPN) last announced 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 company had revenue of $279.09 million during the quarter. Lendingclub had a return on equity of 13.76% and a net margin of 20.16%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts anticipate that Lendingclub Corp will post 1.86 earnings per share for the current fiscal year.

Lendingclub Company Profile

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.