DA Davidson Cuts Open Lending (NASDAQ:LPRO) Price Target to $8.00

Open Lending (NASDAQ:LPRO) had its price target lowered by equities researchers at DA Davidson from $9.00 to $8.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price objective suggests a potential upside of 53.85% from the stock’s previous close.

Several other research analysts also recently commented on LPRO. JMP Securities decreased their target price on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research note on Friday. Canaccord Genuity Group decreased their price objective on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Morgan Stanley dropped their target price on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Friday. BTIG Research began coverage on Open Lending in a report on Friday, June 7th. They set a “neutral” rating on the stock. Finally, Needham & Company LLC cut Open Lending from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.56.

Open Lending Trading Down 5.5 %

Shares of NASDAQ:LPRO traded down $0.30 on Monday, reaching $5.20. 258,500 shares of the company traded hands, compared to its average volume of 461,581. Open Lending has a 52 week low of $4.57 and a 52 week high of $8.70. The company has a current ratio of 13.14, a quick ratio of 13.14 and a debt-to-equity ratio of 0.65. The business’s 50-day simple moving average is $5.97 and its 200 day simple moving average is $6.28. The stock has a market capitalization of $619.66 million, a P/E ratio of 47.27 and a beta of 1.12.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.03). Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The company had revenue of $26.73 million for the quarter, compared to the consensus estimate of $31.03 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. Open Lending’s revenue was down 29.9% compared to the same quarter last year. As a group, equities analysts anticipate that Open Lending will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SlateStone Wealth LLC purchased a new stake in Open Lending in the second quarter worth $70,000. QRG Capital Management Inc. grew its position in shares of Open Lending by 24.0% in the 2nd quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock worth $81,000 after buying an additional 2,824 shares during the period. Victory Capital Management Inc. increased its stake in shares of Open Lending by 27.3% in the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after acquiring an additional 2,971 shares in the last quarter. Aigen Investment Management LP purchased a new position in Open Lending during the 4th quarter valued at about $121,000. Finally, Russell Investments Group Ltd. boosted its stake 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. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.