Open Lending (NASDAQ:LPRO) Trading 6.2% Higher

Open Lending Co. (NASDAQ:LPRO)’s share price shot up 6.2% on Wednesday . The company traded as high as $5.63 and last traded at $5.62. 190,674 shares traded hands during trading, a decline of 58% from the average session volume of 450,375 shares. The stock had previously closed at $5.29.

Analyst Ratings Changes

A number of equities research analysts have commented on LPRO shares. Needham & Company LLC cut their target price on shares of Open Lending from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $8.00 price objective on shares of Open Lending in a research report on Tuesday, March 26th. Canaccord Genuity Group lowered their target price on Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday. Raymond James restated an “outperform” rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Finally, Morgan Stanley upgraded shares of Open Lending from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $4.00 to $7.00 in a research note on Tuesday, February 6th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Open Lending presently has a consensus rating of “Hold” and a consensus price target of $6.79.

Open Lending Stock Up 5.3 %

The company has a market capitalization of $662.16 million, a PE ratio of 32.76 and a beta of 1.03. The company’s fifty day moving average is $5.95 and its 200-day moving average is $6.74. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Open Lending had a return on equity of 10.45% and a net margin of 18.79%. The firm had revenue of $30.75 million during the quarter, compared to analysts’ expectations of $28.65 million. During the same period last year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was down 19.9% on a year-over-year basis. As a group, analysts predict that Open Lending Co. will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling at Open Lending

In related news, Director John Joseph Flynn sold 50,000 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.35, for a total transaction of $367,500.00. Following the completion of the sale, the director now owns 1,993,762 shares in the company, valued at $14,654,150.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Open Lending

Several institutional investors have recently bought and sold shares of LPRO. Sei Investments Co. grew its position in shares of Open Lending by 14.5% during the first quarter. Sei Investments Co. now owns 486,893 shares of the company’s stock valued at $3,048,000 after purchasing an additional 61,647 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Open Lending by 10.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 230,974 shares of the company’s stock valued at $1,446,000 after buying an additional 22,139 shares in the last quarter. SpiderRock Advisors LLC bought a new stake in Open Lending in the 1st quarter worth approximately $166,000. Raymond James & Associates boosted its position in shares of Open Lending by 16.2% during the 1st quarter. Raymond James & Associates now owns 976,360 shares of the company’s stock valued at $6,112,000 after acquiring an additional 136,370 shares during the last quarter. Finally, Wasatch Advisors LP grew its holdings in shares of Open Lending by 3.5% in 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. 78.06% of the stock is owned by hedge funds and other 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.