Los Angeles Capital Management LLC Sells 78,541 Shares of Open Lending Co. (NASDAQ:LPRO)

Los Angeles Capital Management LLC reduced its stake in shares of Open Lending Co. (NASDAQ:LPRO) by 73.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,806 shares of the company’s stock after selling 78,541 shares during the period. Los Angeles Capital Management LLC’s holdings in Open Lending were worth $174,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Open Lending by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 766,307 shares of the company’s stock worth $5,609,000 after acquiring an additional 13,645 shares during the last quarter. Trexquant Investment LP bought a new position in Open Lending during the 3rd quarter worth approximately $320,000. Cannell Capital LLC lifted its position in shares of Open Lending by 74.4% in the 3rd quarter. Cannell Capital LLC now owns 1,703,402 shares of the company’s stock worth $12,469,000 after purchasing an additional 726,472 shares during the period. Austin Wealth Management LLC bought a new stake in shares of Open Lending in the 3rd quarter valued at $114,000. Finally, Vanguard Group Inc. raised its stake in Open Lending by 1.9% during the third quarter. Vanguard Group Inc. now owns 9,427,552 shares of the company’s stock worth $69,010,000 after buying an additional 174,115 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Open Lending Stock Performance

NASDAQ LPRO opened at $5.50 on Friday. The company has a market cap of $655.44 million, a P/E ratio of 50.00 and a beta of 1.12. The company has a fifty day simple moving average of $5.89 and a 200 day simple moving average of $6.72. The company has a current ratio of 13.14, a quick ratio of 13.14 and a debt-to-equity ratio of 0.65. Open Lending Co. has a 12-month low of $4.57 and a 12-month high of $11.73.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings data 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). Open Lending had a net margin of 13.31% and a return on equity of 6.87%. The business had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The firm’s quarterly revenue was down 19.9% compared to the same quarter last year. Sell-side analysts predict that Open Lending Co. will post 0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on LPRO. BTIG Research assumed coverage on shares of Open Lending in a research report on Friday, June 7th. They set a “neutral” rating on the stock. Canaccord Genuity Group lowered their target price on Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Raymond James restated an “outperform” rating and set a $8.00 price target on shares of Open Lending in a report on Tuesday, March 26th. JMP Securities reiterated a “market outperform” rating and issued a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. Finally, Needham & Company LLC cut their target price on shares of Open Lending from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.79.

Open Lending 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.