Lendingclub (NASDAQ:HAPN) Posts Earnings Results, Beats Expectations By $0.03 EPS

Lendingclub (NASDAQ:HAPN) issued its quarterly earnings results on Wednesday. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03, FiscalAI reports. Lendingclub had a return on equity of 13.76% and a net margin of 20.16%. The firm had revenue of $279.09 million during the quarter. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year.

Lendingclub Stock Performance

HAPN traded down $0.80 during trading hours on Friday, hitting $15.24. 927,420 shares of the company’s stock were exchanged, compared to its average volume of 2,054,461. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 8.51 and a beta of 1.88. Lendingclub has a 12-month low of $13.05 and a 12-month high of $21.67. The stock’s 50 day moving average price is $15.95.

Analyst Ratings Changes

HAPN has been the topic of a number of research reports. BTIG Research reissued a “buy” rating and issued a $25.00 target price on shares of Lendingclub in a research note on Tuesday, July 28th. Piper Sandler cut their price target on Lendingclub from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Lendingclub in a research report on Tuesday, September 22nd. Finally, Citizens Jmp boosted their price objective on Lendingclub from $23.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Lendingclub presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.33.

Insider Buying and Selling

In other news, CEO Scott Sanborn sold 28,750 shares of Lendingclub stock in a transaction dated Wednesday, August 26th. The stock was 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 approximately $26,695,625.50. This trade represents a 1.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 Lendingclub 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 completion of the transaction, the senior vice president owned 114,977 shares of the company’s stock, valued at $2,168,466.22. This represents a 25.81% 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. Insiders sold 137,800 shares of company stock valued at $2,618,356 in the last three months. 3.31% of the stock is owned by corporate insiders.

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.