Kornitzer Capital Management Inc. KS Cuts Stock Holdings in Open Lending Co. (NASDAQ:LPRO)

Kornitzer Capital Management Inc. KS trimmed its position in shares of Open Lending Co. (NASDAQ:LPRO) by 37.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 918,040 shares of the company’s stock after selling 551,760 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.77% of Open Lending worth $5,618,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. increased its holdings in shares of Open Lending by 24.4% during the 3rd quarter. QRG Capital Management Inc. now owns 18,148 shares of the company’s stock valued at $111,000 after purchasing an additional 3,561 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in Open Lending by 7.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 43,000 shares of the company’s stock worth $263,000 after acquiring an additional 3,000 shares in the last quarter. Blue Trust Inc. increased its holdings in Open Lending by 208.2% in the 3rd quarter. Blue Trust Inc. now owns 10,500 shares of the company’s stock worth $59,000 after acquiring an additional 7,093 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Open Lending in the 3rd quarter worth $155,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Open Lending in the 2nd quarter worth $33,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Open Lending Stock Up 0.1 %

Shares of NASDAQ:LPRO opened at $6.75 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 13.32 and a quick ratio of 13.32. The firm has a market capitalization of $804.94 million, a PE ratio of 170.79 and a beta of 1.13. The firm’s 50-day moving average is $5.78 and its two-hundred day moving average is $5.81. Open Lending Co. has a 1 year low of $4.57 and a 1 year high of $8.70.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 2.90% and a net margin of 6.25%. The firm’s revenue for the quarter was down 29.9% on a year-over-year basis. During the same quarter last year, the company earned $0.09 earnings per share. Analysts predict that Open Lending Co. will post 0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

LPRO has been the subject of several recent analyst reports. 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 report on Friday, August 9th. DA Davidson lowered their price target 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 reissued a “hold” rating on shares of Open Lending in a research report on Wednesday, October 2nd. Finally, JMP Securities lowered their price target on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research report on Friday, August 9th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $6.56.

Open Lending 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.