Open Lending (NASDAQ:LPRO) Stock Price Up 3.6% – Here’s What Happened

Shares of Open Lending Co. (NASDAQ:LPRO) rose 3.6% during mid-day trading on Tuesday . The company traded as high as $6.06 and last traded at $6.06. Approximately 156,613 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 430,147 shares. The stock had previously closed at $5.85.

Analyst Upgrades and Downgrades

Several research firms recently commented on LPRO. JMP Securities reduced their target price on Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research report on Friday, August 9th. DA Davidson decreased their price objective on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Open Lending in a research note on Wednesday, October 2nd. Finally, Morgan Stanley cut their price target on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Open Lending has a consensus rating of “Hold” and an average price target of $6.56.

Open Lending Trading Up 2.7 %

The stock has a market capitalization of $716.18 million, a P/E ratio of 53.18 and a beta of 1.12. The stock’s fifty day moving average price is $5.68 and its two-hundred day moving average price is $5.76. The company has a current ratio of 13.32, a quick ratio of 13.32 and a debt-to-equity ratio of 0.63.

Open Lending (NASDAQ:LPRO) last posted its quarterly 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 business had revenue of $26.73 million for the quarter, compared to analysts’ expectations of $31.03 million. Open Lending had a net margin of 6.25% and a return on equity of 2.90%. The business’s quarterly revenue was down 29.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 earnings per share. Equities research analysts forecast that Open Lending Co. will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LPRO. Wasatch Advisors LP lifted its stake 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 acquiring an additional 546,166 shares during the period. EVR Research LP purchased a new position in Open Lending during the second quarter valued at $2,758,000. King Luther Capital Management Corp bought a new stake in Open Lending in the second quarter worth $558,000. Chicago Partners Investment Group LLC grew its stake in shares of Open Lending by 25.0% in the fourth quarter. Chicago Partners Investment Group LLC now owns 25,000 shares of the company’s stock worth $213,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Open Lending by 10.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 230,974 shares of the company’s stock valued at $1,446,000 after acquiring an additional 22,139 shares in the last quarter. 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.