Open Lending (NASDAQ:LPRO) PT Lowered to $7.00

Open Lending (NASDAQ:LPRO) had its price objective lowered by analysts at Needham & Company LLC from $8.00 to $7.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 32.33% from the stock’s current price.

A number of other analysts have also issued reports on the stock. Morgan Stanley raised shares of Open Lending from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $4.00 to $7.00 in a research note on Tuesday, February 6th. 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. Canaccord Genuity Group reduced their price objective on Open Lending from $7.50 to $7.00 and set a “hold” rating on the stock in a report on Tuesday, March 26th. Finally, Raymond James restated an “outperform” rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.93.

Open Lending Trading Up 1.0 %

Shares of LPRO opened at $5.29 on Wednesday. Open Lending has a twelve month low of $4.57 and a twelve month high of $11.99. The company has a current ratio of 14.08, a quick ratio of 14.08 and a debt-to-equity ratio of 0.68. The company’s fifty day simple moving average is $6.00 and its 200-day simple moving average is $6.75. The company has a market cap of $628.88 million, a P/E ratio of 31.12 and a beta of 1.03.

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

Insider Buying and Selling at Open Lending

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

Institutional Trading of Open Lending

Institutional investors have recently made changes to their positions in the business. Wasatch Advisors LP raised its stake in Open Lending by 3.5% in the first quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock valued at $100,749,000 after buying an additional 546,166 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Open Lending by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,427,552 shares of the company’s stock valued at $69,010,000 after purchasing an additional 174,115 shares during the last quarter. Working Capital Advisors UK Ltd. boosted its stake in Open Lending by 10.2% in the 4th quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock worth $60,323,000 after purchasing an additional 658,240 shares in the last quarter. Cannell Capital LLC increased its stake in Open Lending by 55.4% during the 4th quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock valued at $22,525,000 after purchasing an additional 943,429 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its holdings in shares of Open Lending by 11.2% in the third quarter. Kornitzer Capital Management Inc. KS now owns 1,528,850 shares of the company’s stock worth $11,191,000 after buying an additional 153,499 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.