Open Lending (NASDAQ:LPRO) Rating Increased to Buy at Needham & Company LLC

Open Lending (NASDAQ:LPRO) was upgraded by analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a $7.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 24.11% from the stock’s previous close.

Open Lending Trading Up 7.4 %

Open Lending stock opened at $5.64 on Wednesday. Open Lending has a 52 week low of $4.57 and a 52 week high of $8.43. The stock has a 50-day moving average price of $5.79 and a 200 day moving average price of $5.82. The company has a quick ratio of 9.42, a current ratio of 9.42 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $673.13 million, a price-to-earnings ratio of 188.00 and a beta of 1.16.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). Open Lending had a net margin of 4.78% and a return on equity of 2.15%. The business had revenue of $23.48 million for the quarter, compared to analyst estimates of $29.46 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. Sell-side analysts anticipate that Open Lending will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC boosted its position in Open Lending by 16.7% in the 4th quarter. Chicago Partners Investment Group LLC now owns 50,166 shares of the company’s stock worth $274,000 after purchasing an additional 7,166 shares in the last quarter. R Squared Ltd acquired a new position in shares of Open Lending in the 4th quarter valued at $25,000. Barclays PLC boosted its holdings in Open Lending by 363.5% during the third quarter. Barclays PLC now owns 169,024 shares of the company’s stock worth $1,034,000 after buying an additional 132,561 shares in the last quarter. Geode Capital Management LLC grew its position in Open Lending by 3.0% during the third quarter. Geode Capital Management LLC now owns 2,365,266 shares of the company’s stock valued at $14,478,000 after buying an additional 68,721 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in Open Lending in the third quarter valued at $845,000. 78.06% of the stock is currently 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.