Open Lending (NASDAQ:LPRO) Stock Rating Lowered by Needham & Company LLC

Needham & Company LLC cut shares of Open Lending (NASDAQ:LPRO) from a buy rating to a hold rating in a research report released on Monday, MarketBeat Ratings reports.

LPRO has been the subject of several other research reports. Canaccord Genuity Group reduced their price objective on shares of Open Lending from $7.00 to $6.00 and set a hold rating for the company in a research note on Wednesday, May 8th. JMP Securities reaffirmed a market outperform rating and set a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. BTIG Research began coverage on shares of Open Lending in a research note on Friday, June 7th. They set a neutral rating for the company. Finally, Raymond James reaffirmed an outperform rating and set a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $6.79.

Open Lending Stock Performance

NASDAQ LPRO opened at $6.14 on Monday. Open Lending has a 52-week low of $4.57 and a 52-week high of $11.49. The company has a 50-day simple moving average of $6.09 and a 200 day simple moving average of $6.43. The company has a debt-to-equity ratio of 0.65, a quick ratio of 13.14 and a current ratio of 13.14. The company has a market capitalization of $731.70 million, a PE ratio of 55.82 and a beta of 1.12.

Open Lending (NASDAQ:LPRO) last posted its earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $30.75 million during the quarter, compared to analysts’ expectations of $28.65 million. Open Lending had a return on equity of 6.87% and a net margin of 13.31%. Open Lending’s revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 EPS. On average, research analysts predict that Open Lending will post 0.22 EPS for the current year.

Institutional Investors Weigh In On Open Lending

Hedge funds have recently made changes to their positions in the business. SlateStone Wealth LLC bought a new stake in shares of Open Lending in the 2nd quarter worth approximately $70,000. QRG Capital Management Inc. raised its holdings in Open Lending by 24.0% during the 2nd quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock valued at $81,000 after buying an additional 2,824 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Open Lending by 27.3% during the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock valued at $118,000 after buying an additional 2,971 shares during the last quarter. Aigen Investment Management LP bought a new stake in Open Lending during the 4th quarter valued at $121,000. Finally, Russell Investments Group Ltd. raised its holdings in Open Lending by 15.9% during the 4th quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after buying an additional 2,090 shares during the last quarter. 78.06% of the stock is currently 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.