Open Lending (NASDAQ:LPRO) Shares Gap Down to $6.12

Open Lending Co. (NASDAQ:LPRO) gapped down before the market opened on Monday . The stock had previously closed at $6.12, but opened at $5.75. Open Lending shares last traded at $5.71, with a volume of 61,413 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LPRO. Canaccord Genuity Group reduced their price objective on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. BTIG Research assumed coverage on Open Lending in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Raymond James reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. Needham & Company LLC downgraded Open Lending from a “buy” rating to a “hold” rating in a research note on Monday. Finally, JMP Securities restated a “market outperform” rating and issued a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Open Lending currently has a consensus rating of “Hold” and a consensus target price of $6.79.

Open Lending Trading Down 2.5 %

The firm has a market cap of $693.54 million, a P/E ratio of 52.91 and a beta of 1.12. The stock has a 50 day simple moving average of $6.09 and a 200-day simple moving average of $6.43. The company has a current ratio of 13.14, a quick ratio of 13.14 and a debt-to-equity ratio of 0.65.

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 the consensus estimate of $0.05 by ($0.01). Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The business had revenue of $30.75 million during the quarter, compared to the consensus estimate of $28.65 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The company’s revenue for the quarter was down 19.9% on a year-over-year basis. On average, equities research analysts expect that Open Lending Co. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Open Lending

Hedge funds have recently made changes to their positions in the business. Cannell Capital LLC raised its holdings 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 buying an additional 943,429 shares during the period. Working Capital Advisors UK Ltd. lifted its holdings in shares of 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 acquiring an additional 658,240 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of Open Lending by 3.5% during the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock worth $100,749,000 after purchasing an additional 546,166 shares during the period. Cetera Trust Company N.A bought a new position in Open Lending during the 4th quarter valued at about $2,617,000. Finally, G2 Investment Partners Management LLC purchased a new stake in Open Lending in the 4th quarter worth about $1,702,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

About Open Lending

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.