Open Lending (NASDAQ:LPRO) Shares Up 7.2%

Open Lending Co. (NASDAQ:LPRO) shares shot up 7.2% during mid-day trading on Friday . The stock traded as high as $6.58 and last traded at $6.57. 75,974 shares were traded during trading, a decline of 83% from the average session volume of 442,379 shares. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. JMP Securities cut their price objective 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. Morgan Stanley dropped their price target on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. DA Davidson lowered their price target on Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. BTIG Research began coverage on Open Lending in a research report on Friday, June 7th. They set a “neutral” rating for the company. Finally, Needham & Company LLC downgraded Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.56.

Open Lending Price Performance

The company has a market cap of $774.57 million, a P/E ratio of 59.27 and a beta of 1.12. 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 has a 50-day simple moving average of $5.71 and a 200 day simple moving average of $5.85.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC bought a new stake in shares of Open Lending in the 2nd quarter valued at approximately $33,000. Point72 Asset Management L.P. bought a new stake in Open Lending in the second quarter valued at $110,000. Algert Global LLC raised its stake in Open Lending by 3.7% during the second quarter. Algert Global LLC now owns 398,913 shares of the company’s stock worth $2,226,000 after acquiring an additional 14,191 shares in the last quarter. SkyView Investment Advisors LLC lifted its holdings in shares of Open Lending by 100.0% during the second quarter. SkyView Investment Advisors LLC now owns 20,000 shares of the company’s stock valued at $112,000 after acquiring an additional 10,000 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Open Lending by 6.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,152 shares of the company’s stock valued at $230,000 after purchasing an additional 2,631 shares in the last quarter. Institutional investors 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.