Open Lending (NASDAQ:LPRO) Shares Up 3.6% – Here’s What Happened

Shares of Open Lending Co. (NASDAQ:LPRO) rose 3.6% on Tuesday . The stock traded as high as $6.06 and last traded at $6.06. Approximately 156,613 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 430,147 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

A number of research analysts have commented on LPRO shares. JMP Securities decreased their price objective on Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research report on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of Open Lending in a research report on Wednesday, October 2nd. Morgan Stanley cut their target price on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Finally, DA Davidson lowered their price target on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Open Lending presently has an average rating of “Hold” and a consensus target price of $6.56.

Open Lending Trading Down 2.8 %

The business has a 50 day simple moving average of $5.70 and a 200-day simple moving average of $5.76. The stock has a market capitalization of $691.16 million, a price-to-earnings ratio of 52.73 and a beta of 1.12. The company has a debt-to-equity ratio of 0.63, a current ratio of 13.32 and a quick ratio of 13.32.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings data 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 net margin of 6.25% and a return on equity of 2.90%. The business had revenue of $26.73 million during the quarter, compared to analyst estimates of $31.03 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Open Lending’s revenue for the quarter was down 29.9% compared to the same quarter last year. As a group, equities analysts expect that Open Lending Co. will post 0.18 earnings per share for the current year.

Institutional Investors Weigh In On Open Lending

Institutional investors have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC lifted its holdings in shares of Open Lending by 25.0% in the fourth quarter. Chicago Partners Investment Group LLC now owns 25,000 shares of the company’s stock valued at $213,000 after purchasing an additional 5,000 shares in the last quarter. Wasatch Advisors LP boosted its position in 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 acquiring an additional 546,166 shares during the last quarter. SpiderRock Advisors LLC bought a new position in shares of Open Lending during the 1st quarter worth approximately $166,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Open Lending by 10.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 230,974 shares of the company’s stock valued at $1,446,000 after purchasing an additional 22,139 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Open Lending by 14.5% in the first quarter. Sei Investments Co. now owns 486,893 shares of the company’s stock worth $3,048,000 after purchasing an additional 61,647 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

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.