Open Lending Co. (NASDAQ:LPRO – Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,290,000 shares, a drop of 12.0% from the October 15th total of 3,740,000 shares. Currently, 3.3% of the shares of the company are short sold. Based on an average daily trading volume, of 594,900 shares, the short-interest ratio is currently 5.5 days.
Analyst Ratings Changes
A number of equities research analysts have commented on the company. Canaccord Genuity Group reissued a “hold” rating and set a $5.50 price target (down from $20.00) on shares of Open Lending in a report on Wednesday, November 8th. Canaccord Genuity Group cut Open Lending from a “buy” rating to a “hold” rating and decreased their price target for the company from $20.00 to $5.50 in a report on Wednesday, November 8th. Morgan Stanley decreased their price target on Open Lending from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Wednesday, November 8th. JMP Securities reduced their target price on Open Lending from $11.00 to $10.00 and set a “market outperform” rating on the stock in a report on Monday, October 16th. Finally, Stephens reduced their target price on Open Lending from $9.00 to $6.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Lending currently has an average rating of “Hold” and a consensus target price of $7.44.
Insider Transactions at Open Lending
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of LPRO. Price T Rowe Associates Inc. MD boosted its position in shares of Open Lending by 55.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,399,688 shares of the company’s stock valued at $65,469,000 after buying an additional 2,277,806 shares during the period. Cannell Capital LLC purchased a new position in shares of Open Lending during the first quarter valued at approximately $17,951,000. Norges Bank purchased a new position in shares of Open Lending during the fourth quarter valued at approximately $6,095,000. Vanguard Group Inc. boosted its position in shares of Open Lending by 9.3% during the first quarter. Vanguard Group Inc. now owns 9,887,343 shares of the company’s stock valued at $186,970,000 after buying an additional 838,752 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Open Lending by 11.9% during the third quarter. BlackRock Inc. now owns 7,609,797 shares of the company’s stock valued at $61,182,000 after buying an additional 807,200 shares during the period. Hedge funds and other institutional investors own 88.87% of the company’s stock.
Open Lending Trading Up 3.2 %
LPRO opened at $6.16 on Thursday. The firm has a market cap of $743.51 million, a P/E ratio of 34.22 and a beta of 0.89. Open Lending has a 12 month low of $4.89 and a 12 month high of $11.99. The company has a current ratio of 14.71, a quick ratio of 14.71 and a debt-to-equity ratio of 0.66. The stock has a 50-day moving average of $6.80 and a 200 day moving average of $8.71.
Open Lending (NASDAQ:LPRO – Get Free Report) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.05). The company had revenue of $26.01 million during the quarter, compared to analysts’ expectations of $32.87 million. Open Lending had a return on equity of 10.66% and a net margin of 17.57%. The company’s revenue was down 48.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 EPS. As a group, research analysts forecast that Open Lending will post 0.29 EPS for the current year.
About Open Lending
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. It 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.
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