Open Lending (NASDAQ:LPRO) PT Lowered to $6.00

Open Lending (NASDAQ:LPRO) had its target price lowered by equities researchers at Canaccord Genuity Group from $7.00 to $6.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 4.35% from the stock’s current price.

A number of other brokerages have also commented on LPRO. Raymond James reiterated an “outperform” rating and issued a $8.00 target price on shares of Open Lending in a research report on Tuesday, March 26th. Morgan Stanley raised Open Lending from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Needham & Company LLC decreased their price objective on Open Lending from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $8.00 target price on shares of Open Lending in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.79.

Open Lending Price Performance

Shares of LPRO stock opened at $5.75 on Wednesday. The firm has a market capitalization of $683.54 million, a price-to-earnings ratio of 52.27 and a beta of 1.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08. The stock’s 50-day simple moving average is $5.91 and its 200-day simple moving average is $6.73. Open Lending has a fifty-two week low of $4.57 and a fifty-two week high of $11.99.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The company’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS. As a group, equities analysts forecast that Open Lending will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $7.35, for a total value of $367,500.00. Following the completion of the sale, the director now directly owns 1,993,762 shares in the company, valued at $14,654,150.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 15.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Open Lending

Hedge funds have recently made changes to their positions in the company. Raymond James & Associates grew its holdings in Open Lending by 9.7% in the 3rd quarter. Raymond James & Associates now owns 793,558 shares of the company’s stock valued at $5,809,000 after buying an additional 69,913 shares in the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in shares of Open Lending by 11.2% in the third quarter. Kornitzer Capital Management Inc. KS now owns 1,528,850 shares of the company’s stock valued at $11,191,000 after purchasing an additional 153,499 shares during the period. Gilbert & Cook Inc. acquired a new stake in Open Lending during the third quarter worth about $92,000. Olympiad Research LP purchased a new position in Open Lending during the third quarter worth about $193,000. Finally, Principal Financial Group Inc. boosted its holdings in Open Lending by 30.5% in the 3rd quarter. Principal Financial Group Inc. now owns 40,467 shares of the company’s stock valued at $296,000 after purchasing an additional 9,454 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.