Open Lending (NASDAQ:LPRO) Shares Gap Down After Analyst Downgrade

Open Lending Co. (NASDAQ:LPROGet Rating)’s share price gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $55.00 to $30.00. The stock had previously closed at $10.84, but opened at $9.66. Canaccord Genuity Group currently has a buy rating on the stock. Open Lending shares last traded at $10.48, with a volume of 15,197 shares traded.

Several other equities research analysts have also issued reports on LPRO. Raymond James dropped their price objective on shares of Open Lending from $30.00 to $22.00 in a research report on Friday, May 6th. Morgan Stanley lowered shares of Open Lending from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $14.00 to $8.00 in a report on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Open Lending in a report on Friday, May 6th. Stephens lowered shares of Open Lending from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $22.00 to $13.00 in a report on Friday. Finally, JMP Securities lowered their price target on shares of Open Lending from $28.00 to $17.00 and set a “market outperform” rating for the company in a report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.63.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LPRO. Lazard Asset Management LLC bought a new position in shares of Open Lending in the 4th quarter worth about $28,000. Point72 Hong Kong Ltd bought a new position in shares of Open Lending in the 1st quarter worth about $41,000. Nisa Investment Advisors LLC lifted its position in shares of Open Lending by 182.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,260 shares of the company’s stock worth $43,000 after buying an additional 1,460 shares during the last quarter. Carl Stuart Investment Advisor Inc. bought a new position in shares of Open Lending in the 1st quarter worth about $56,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Open Lending by 51.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock worth $89,000 after buying an additional 1,591 shares during the last quarter. 86.85% of the stock is currently owned by institutional investors.

Open Lending Stock Performance

The company has a debt-to-equity ratio of 0.78, a quick ratio of 17.78 and a current ratio of 17.78. The stock’s fifty day moving average is $10.90 and its two-hundred day moving average is $14.83. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 13.99 and a beta of 0.66.

Open Lending (NASDAQ:LPROGet Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Open Lending had a net margin of 44.00% and a return on equity of 37.93%. The business had revenue of $52.10 million for the quarter, compared to analysts’ expectations of $48.40 million. During the same quarter last year, the company earned $0.25 EPS. The company’s revenue for the quarter was down 14.7% compared to the same quarter last year. On average, analysts expect that Open Lending Co. will post 0.79 earnings per share for the current fiscal year.

Open Lending Company Profile

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Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, and non-bank auto finance companies and captive finance companies of original equipment manufacturers in the United States. It offers Lenders Protection Program (LPP), which is a Software as a Service platform that facilitates loan decision making and automated underwriting by third-party lenders and the issuance of credit default insurance through third-party insurance providers.

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