Open Lending (NASDAQ:LPRO) Stock Price Up 4.2% – Here’s Why

Shares of Open Lending Co. (NASDAQ:LPRO) were up 4.2% during mid-day trading on Tuesday . The stock traded as high as $6.03 and last traded at $6.02. Approximately 28,592 shares traded hands during trading, a decline of 93% from the average daily volume of 411,676 shares. The stock had previously closed at $5.78.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC restated a “hold” rating on shares of Open Lending in a report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Open Lending has a consensus rating of “Hold” and a consensus price target of $6.83.

Open Lending Stock Performance

The company has a current ratio of 9.42, a quick ratio of 9.42 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $6.04 and a two-hundred day moving average price of $5.86. The stock has a market capitalization of $710.13 million, a P/E ratio of 198.33, a price-to-earnings-growth ratio of 2.46 and a beta of 1.16.

Hedge Funds Weigh In On Open Lending

A number of institutional investors and hedge funds have recently modified their holdings of the business. EVR Research LP acquired a new stake in Open Lending in the second quarter worth $2,758,000. Royce & Associates LP grew its stake in shares of Open Lending by 152.1% in the 3rd quarter. Royce & Associates LP now owns 481,640 shares of the company’s stock valued at $2,948,000 after buying an additional 290,602 shares during the period. Wasatch Advisors LP raised its stake in Open Lending by 1.4% during the 3rd quarter. Wasatch Advisors LP now owns 16,630,780 shares of the company’s stock worth $101,780,000 after buying an additional 222,969 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Open Lending in the third quarter worth approximately $1,153,000. Finally, Main Management ETF Advisors LLC acquired a new stake in Open Lending in the third quarter valued at approximately $845,000. 78.06% of the stock is currently owned by institutional investors.

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.