EVR Research LP Invests $2.76 Million in Open Lending Co. (NASDAQ:LPRO)

EVR Research LP bought a new position in Open Lending Co. (NASDAQ:LPRO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 494,323 shares of the company’s stock, valued at approximately $2,758,000. Open Lending makes up about 0.8% of EVR Research LP’s portfolio, making the stock its 29th biggest position.

Other hedge funds also recently made changes to their positions in the company. Cannell Capital LLC lifted its holdings in shares of Open Lending by 55.4% in the 4th 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 during the last quarter. Working Capital Advisors UK Ltd. lifted 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 worth $60,323,000 after purchasing an additional 658,240 shares during the last quarter. Wasatch Advisors LP lifted its holdings in shares of Open Lending by 3.5% in the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock worth $100,749,000 after purchasing an additional 546,166 shares during the last quarter. G2 Investment Partners Management LLC bought a new stake in shares of Open Lending in the 4th quarter worth approximately $1,702,000. Finally, Palogic Value Management L.P. lifted its holdings in shares of Open Lending by 81.8% in the 4th quarter. Palogic Value Management L.P. now owns 400,000 shares of the company’s stock worth $3,404,000 after purchasing an additional 180,000 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Open Lending Stock Down 0.3 %

LPRO opened at $6.07 on Thursday. Open Lending Co. has a one year low of $4.57 and a one year high of $8.70. The company has a debt-to-equity ratio of 0.63, a quick ratio of 13.32 and a current ratio of 13.32. The stock’s fifty day moving average is $5.73 and its 200-day moving average is $5.85. The company has a market capitalization of $723.85 million, a PE ratio of 55.28 and a beta of 1.12.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The company had revenue of $26.73 million during the quarter, compared to analyst estimates of $31.03 million. Open Lending had a return on equity of 2.90% and a net margin of 6.25%. The business’s revenue was down 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 earnings per share. On average, equities analysts predict that Open Lending Co. will post 0.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on LPRO shares. Morgan Stanley cut their price target on Open Lending from $6.00 to $5.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. DA Davidson cut their target price on Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. JMP Securities cut their target price on Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC downgraded Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Finally, BTIG Research initiated coverage on Open Lending in a research note on Friday, June 7th. They set a “neutral” rating on the stock. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.56.

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.