Open Lending (NASDAQ:LPRO) Given New $6.00 Price Target at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO) had its price objective reduced by Canaccord Genuity Group from $7.00 to $6.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a hold rating on the stock.

LPRO has been the subject of several other research reports. Morgan Stanley raised shares of Open Lending from an underweight rating to an equal weight rating and increased their price objective for the company from $4.00 to $7.00 in a research note on Tuesday, February 6th. Needham & Company LLC lowered their target price on Open Lending from $8.00 to $7.00 and set a buy rating for the company in a report on Wednesday. JMP Securities reaffirmed a market outperform rating and issued a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. Finally, Raymond James reissued an outperform rating and set a $8.00 target price on shares of Open Lending in a report on Tuesday, March 26th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $6.79.

Open Lending Stock Performance

Shares of LPRO traded up $0.18 during midday trading on Wednesday, reaching $5.75. 783,476 shares of the stock were exchanged, compared to its average volume of 460,078. The company has a quick ratio of 14.08, a current ratio of 14.08 and a debt-to-equity ratio of 0.68. Open Lending has a twelve month low of $4.57 and a twelve month high of $11.99. The stock’s 50 day simple moving average is $5.91 and its 200 day simple moving average is $6.73. The company has a market cap of $683.56 million, a P/E ratio of 33.06 and a beta of 1.03.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The business had revenue of $30.75 million during the quarter, compared to analyst estimates of $28.65 million. During the same period in the prior year, the business posted $0.10 EPS. The company’s revenue for the quarter was down 19.9% compared to the same quarter last year. On average, sell-side analysts expect that Open Lending will post 0.28 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.35, for a total value of $367,500.00. Following the completion of the sale, the director now directly owns 1,993,762 shares in the company, valued at approximately $14,654,150.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 15.00% of the company’s stock.

Institutional Trading of Open Lending

Several institutional investors have recently made changes to their positions in LPRO. Cannell Capital LLC boosted its holdings in Open Lending by 55.4% during the fourth quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock worth $22,525,000 after purchasing an additional 943,429 shares during the last quarter. Working Capital Advisors UK Ltd. raised its position in 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 worth $60,323,000 after acquiring an additional 658,240 shares during the period. Wasatch Advisors LP increased its position in Open Lending by 3.5% in the first quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock worth $100,749,000 after buying an additional 546,166 shares during the last quarter. Cetera Trust Company N.A purchased a new position in shares of Open Lending during the 4th quarter valued at $2,617,000. Finally, Algert Global LLC increased its holdings in Open Lending by 271.3% in the 3rd quarter. Algert Global LLC now owns 339,719 shares of the company’s stock worth $2,487,000 after acquiring an additional 248,223 shares during 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.