Open Lending (NASDAQ:LPRO) Rating Increased to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of Open Lending (NASDAQ:LPRO) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat reports. Needham & Company LLC currently has $7.00 price target on the stock.

Open Lending Stock Performance

Open Lending stock opened at $6.30 on Wednesday. The firm has a fifty day simple moving average of $5.79 and a two-hundred day simple moving average of $5.82. Open Lending has a twelve month low of $4.57 and a twelve month high of $8.43. The company has a market capitalization of $751.91 million, a PE ratio of 210.00 and a beta of 1.16. The company has a quick ratio of 9.42, a current ratio of 9.42 and a debt-to-equity ratio of 0.61.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Thursday, November 7th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $23.48 million for the quarter, compared to analysts’ expectations of $29.46 million. Open Lending had a net margin of 4.78% and a return on equity of 2.15%. During the same quarter in the prior year, the company earned $0.02 earnings per share. Research analysts expect that Open Lending will post 0.1 EPS for the current year.

Institutional Investors Weigh In On Open Lending

Several institutional investors have recently added to or reduced their stakes in LPRO. Royce & Associates LP increased its position in shares of Open Lending by 152.1% in the third quarter. Royce & Associates LP now owns 481,640 shares of the company’s stock valued at $2,948,000 after acquiring an additional 290,602 shares during the period. Wasatch Advisors LP increased its holdings in Open Lending by 1.4% during the 3rd quarter. Wasatch Advisors LP now owns 16,630,780 shares of the company’s stock valued at $101,780,000 after purchasing an additional 222,969 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Open Lending during the 3rd quarter valued at approximately $1,153,000. Main Management ETF Advisors LLC bought a new position in Open Lending during the 3rd quarter valued at approximately $845,000. Finally, Barclays PLC lifted its holdings in Open Lending by 363.5% in the 3rd quarter. Barclays PLC now owns 169,024 shares of the company’s stock worth $1,034,000 after buying an additional 132,561 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.