Open Lending (NASDAQ:LPRO) Price Target Cut to $5.00

Open Lending (NASDAQ:LPRO) had its price target reduced by Morgan Stanley from $6.00 to $5.00 in a research report released on Friday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other analysts have also issued reports on the stock. Canaccord Genuity Group dropped their price target on shares of Open Lending from $7.00 to $6.00 and set a hold rating on the stock in a research report on Wednesday, May 8th. BTIG Research began coverage on shares of Open Lending in a research note on Friday, June 7th. They issued a neutral rating for the company. Finally, Needham & Company LLC downgraded Open Lending from a buy rating to a hold rating in a research report on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $6.56.

Open Lending Stock Down 7.1 %

Shares of LPRO stock opened at $5.11 on Friday. The firm’s fifty day moving average price is $5.94 and its two-hundred day moving average price is $6.26. The company has a current ratio of 13.14, a quick ratio of 13.14 and a debt-to-equity ratio of 0.65. Open Lending has a 1 year low of $4.57 and a 1 year high of $8.70. The firm has a market capitalization of $608.93 million, a P/E ratio of 46.45 and a beta of 1.12.

Open Lending (NASDAQ:LPRO) last released its earnings results 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). The company had revenue of $26.73 million for the quarter, compared to the consensus estimate of $31.03 million. Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The business’s revenue was down 29.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 EPS. On average, equities analysts predict that Open Lending will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LPRO. Cetera Trust Company N.A acquired a new position in shares of Open Lending in the fourth quarter valued at about $2,617,000. G2 Investment Partners Management LLC bought a new position in shares of Open Lending during the fourth quarter worth approximately $1,702,000. Wasatch Advisors LP raised its position 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 buying an additional 546,166 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Open Lending by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 776,264 shares of the company’s stock valued at $6,606,000 after buying an additional 9,957 shares during the period. Finally, Working Capital Advisors UK Ltd. boosted its stake in shares of 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 valued at $60,323,000 after buying an additional 658,240 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

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.