Open Lending (NASDAQ:LPRO) Receives “Hold” Rating from Needham & Company LLC

Open Lending (NASDAQ:LPRO)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports.

Several other analysts also recently issued reports on LPRO. JMP Securities reduced their price target on shares of 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. Morgan Stanley reduced their price objective 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, August 9th. DA Davidson lowered their target price on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, BTIG Research assumed coverage on Open Lending in a research note on Friday, June 7th. They set a “neutral” rating for the company. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.56.

Open Lending Price Performance

Shares of NASDAQ LPRO opened at $5.75 on Wednesday. The firm has a market capitalization of $685.20 million, a P/E ratio of 52.27 and a beta of 1.12. The firm’s 50-day moving average price is $5.71 and its 200-day moving average price is $5.82. The company has a current ratio of 13.32, a quick ratio of 13.32 and a debt-to-equity ratio of 0.63. Open Lending has a 1-year low of $4.57 and a 1-year high of $8.70.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The firm had revenue of $26.73 million for the quarter, compared to analyst estimates of $31.03 million. Open Lending had a return on equity of 2.90% and a net margin of 6.25%. The firm’s quarterly revenue was down 29.9% compared to the same quarter last year. During the same period last year, the company posted $0.09 earnings per share. Equities research analysts anticipate that Open Lending will post 0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Lending

Institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new position in Open Lending during the second quarter valued at $33,000. SlateStone Wealth LLC purchased a new stake in Open Lending in the 2nd quarter worth about $70,000. QRG Capital Management Inc. raised its stake in Open Lending by 24.0% in the 2nd quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock valued at $81,000 after acquiring an additional 2,824 shares during the period. Point72 Asset Management L.P. purchased a new stake in Open Lending during the second quarter valued at about $110,000. Finally, SkyView Investment Advisors LLC increased its stake in shares of Open Lending by 100.0% in the second quarter. SkyView Investment Advisors LLC now owns 20,000 shares of the company’s stock worth $112,000 after purchasing an additional 10,000 shares in the last quarter. 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.