Mirae Asset Global Investments Co. Ltd. Trims Position in Open Lending Co. (NASDAQ:LPRO)

Mirae Asset Global Investments Co. Ltd. lessened its stake in shares of Open Lending Co. (NASDAQ:LPRO) by 1.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 208,835 shares of the company’s stock after selling 3,714 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.17% of Open Lending worth $1,777,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new position in Open Lending during the 1st quarter valued at about $41,000. Quarry LP purchased a new position in Open Lending during the 2nd quarter valued at about $29,000. PNC Financial Services Group Inc. grew its holdings in Open Lending by 51.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock valued at $89,000 after buying an additional 1,591 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Open Lending by 58.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 10,599 shares of the company’s stock valued at $85,000 after buying an additional 3,923 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Open Lending during the first quarter worth about $78,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Open Lending Stock Performance

NASDAQ:LPRO opened at $4.66 on Friday. The business has a 50 day moving average of $6.65 and a 200 day moving average of $6.88. The company has a market capitalization of $553.97 million, a price-to-earnings ratio of 27.41 and a beta of 0.99. Open Lending Co. has a 1-year low of $4.57 and a 1-year high of $11.99. The company has a debt-to-equity ratio of 0.68, a current ratio of 14.08 and a quick ratio of 14.08.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The company had revenue of $14.90 million during the quarter, compared to the consensus estimate of $27.55 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business’s revenue for the quarter was down 44.4% compared to the same quarter last year. On average, sell-side analysts predict that Open Lending Co. will post 0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on LPRO shares. Needham & Company LLC reissued a “buy” rating and set a $8.00 price objective on shares of Open Lending in a report on Wednesday, February 28th. Raymond James reissued an “outperform” rating and set a $8.00 price objective on shares of Open Lending in a report on Tuesday, March 26th. JMP Securities reissued a “market outperform” rating and set a $8.00 price objective on shares of Open Lending in a report on Tuesday, March 26th. Canaccord Genuity Group cut their price objective on Open Lending from $7.50 to $7.00 and set a “hold” rating for the company in a report on Tuesday, March 26th. Finally, Morgan Stanley upgraded Open Lending from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Open Lending presently has a consensus rating of “Hold” and a consensus price target of $7.07.

Insider Buying and Selling at Open Lending

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $7.25, for a total value of $362,500.00. Following the completion of the sale, the director now owns 2,079,666 shares in the company, valued at $15,077,578.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 150,000 shares of company stock worth $1,110,000. 18.30% of the stock is currently owned by insiders.

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.