Analysts Set Open Lending Co. (NASDAQ:LPRO) Price Target at $6.56

Shares of Open Lending Co. (NASDAQ:LPRO) have received an average rating of “Hold” from the nine analysts that are currently covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $6.56.

A number of brokerages have weighed in on LPRO. Needham & Company LLC lowered shares of Open Lending from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Morgan Stanley cut their price objective on Open Lending from $6.00 to $5.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Canaccord Genuity Group lowered their target price on Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. JMP Securities dropped their target price on Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research report on Friday, August 9th. Finally, DA Davidson reduced their price target on Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, August 12th.

Open Lending Stock Up 3.8 %

NASDAQ LPRO opened at $5.67 on Friday. The business has a fifty day moving average price of $5.73 and a two-hundred day moving average price of $6.15. The stock has a market capitalization of $675.67 million, a PE ratio of 51.55 and a beta of 1.12. Open Lending has a fifty-two week low of $4.57 and a fifty-two week high of $8.70. The company has a debt-to-equity ratio of 0.65, a current ratio of 13.14 and a quick ratio of 13.14.

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

Hedge Funds Weigh In On Open Lending

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cannell Capital LLC boosted its position in Open Lending by 55.4% during the fourth quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock valued at $22,525,000 after acquiring an additional 943,429 shares during the last quarter. Working Capital Advisors UK Ltd. raised its holdings in shares of Open Lending by 10.2% in the fourth quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock valued at $60,323,000 after purchasing an additional 658,240 shares during the last quarter. Wasatch Advisors LP lifted its position in shares of Open Lending by 3.5% during the first quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock valued at $100,749,000 after purchasing an additional 546,166 shares in the last quarter. EVR Research LP purchased a new position in Open Lending during the second quarter worth about $2,758,000. Finally, Cetera Trust Company N.A bought a new stake in Open Lending in the 4th quarter worth about $2,617,000. 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.