Open Lending (NASDAQ:LPRO) Price Target Cut to $6.00

Open Lending (NASDAQ:LPRO) had its price objective lowered by stock analysts at Canaccord Genuity Group from $7.00 to $6.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 11.32% from the company’s current price.

LPRO has been the subject of a number of other reports. Raymond James reaffirmed an “outperform” rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. JMP Securities reaffirmed a “market outperform” rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Needham & Company LLC decreased their price target on Open Lending from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Morgan Stanley raised Open Lending from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $4.00 to $7.00 in a research note on Tuesday, February 6th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.79.

Open Lending Stock Up 1.9 %

NASDAQ LPRO traded up $0.10 on Wednesday, hitting $5.39. 158,256 shares of the stock traded hands, compared to its average volume of 450,053. The stock has a 50-day moving average of $6.00 and a 200 day moving average of $6.75. Open Lending has a twelve month low of $4.57 and a twelve month high of $11.99. The company has a market capitalization of $640.76 million, a P/E ratio of 31.76 and a beta of 1.03. The company has a current ratio of 14.08, a quick ratio of 14.08 and a debt-to-equity ratio of 0.68.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. Open Lending had a return on equity of 10.45% and a net margin of 18.79%. The firm’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 earnings per share. As a group, analysts expect that Open Lending will post 0.28 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John Joseph Flynn sold 50,000 shares of Open Lending stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.35, for a total value of $367,500.00. Following the completion of the sale, the director now directly owns 1,993,762 shares of the company’s stock, valued at approximately $14,654,150.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 15.00% of the company’s stock.

Institutional Investors Weigh In On Open Lending

Institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. acquired a new stake in shares of Open Lending during the third quarter worth $84,000. Gilbert & Cook Inc. acquired a new stake in shares of Open Lending during the third quarter worth $92,000. Victory Capital Management Inc. grew its stake in shares of Open Lending by 27.3% during the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after purchasing an additional 2,971 shares during the period. Aigen Investment Management LP bought a new position in Open Lending during the fourth quarter worth about $121,000. Finally, Russell Investments Group Ltd. lifted its holdings in Open Lending by 15.9% during the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock worth $130,000 after acquiring an additional 2,090 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Open Lending Company Profile

Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, finance companies, and captive finance companies of automakers in the United States. The company offers Lenders Protection Program (LPP), which is a cloud-based automotive lending platform that provides loan analytics solutions and automated issuance of credit default insurance with third-party insurance providers.