Open Lending (NASDAQ:LPRO) PT Lowered to $7.00

Open Lending (NASDAQ:LPRO) had its target price decreased by investment analysts at Needham & Company LLC from $8.00 to $7.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 21.74% from the stock’s current price.

Several other analysts have also issued reports on the stock. Morgan Stanley upgraded shares of Open Lending from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $4.00 to $7.00 in a report on Tuesday, February 6th. JMP Securities reissued a “market outperform” rating and issued a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Canaccord Genuity Group lowered their price objective on shares of Open Lending from $7.50 to $7.00 and set a “hold” rating for the company in a research report on Tuesday, March 26th. Finally, Raymond James reiterated an “outperform” rating and issued 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 given a buy rating to the company’s stock. According to MarketBeat.com, Open Lending has a consensus rating of “Hold” and an average price target of $6.79.

Open Lending Stock Up 3.2 %

Shares of NASDAQ LPRO opened at $5.75 on Wednesday. The company has a market capitalization of $683.54 million, a P/E ratio of 52.27 and a beta of 1.03. The company has a debt-to-equity ratio of 0.68, a current ratio of 14.08 and a quick ratio of 14.08. The company has a 50 day simple moving average of $5.91 and a 200-day simple moving average of $6.73. Open Lending has a 1 year low of $4.57 and a 1 year high of $11.99.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Open Lending had a return on equity of 10.45% and a net margin of 18.79%. The business had revenue of $30.75 million during the quarter, compared to analysts’ expectations of $28.65 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue was down 19.9% on a year-over-year basis. On average, equities research analysts predict that Open Lending will post 0.28 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Open Lending

A number of hedge funds have recently bought and sold shares of LPRO. Cannell Capital LLC grew its stake in shares of Open Lending by 55.4% during the fourth quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock worth $22,525,000 after purchasing an additional 943,429 shares in the last quarter. Working Capital Advisors UK Ltd. increased its holdings in shares of Open Lending by 10.2% in the 4th quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock valued at $60,323,000 after acquiring an additional 658,240 shares during the last quarter. Wasatch Advisors LP raised its position in shares of Open Lending by 3.5% during the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock worth $100,749,000 after acquiring an additional 546,166 shares in the last quarter. Cetera Trust Company N.A purchased a new stake in Open Lending during the fourth quarter worth approximately $2,617,000. Finally, Algert Global LLC boosted its holdings in Open Lending by 271.3% in the third quarter. Algert Global LLC now owns 339,719 shares of the company’s stock valued at $2,487,000 after purchasing an additional 248,223 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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. 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.