Needham & Company LLC Reaffirms Hold Rating for Open Lending (NASDAQ:LPRO)

Open Lending (NASDAQ:LPRO)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports.

LPRO has been the subject of a number of other research reports. DA Davidson cut their price objective on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 12th. Morgan Stanley cut their target price 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. BTIG Research initiated coverage on shares of Open Lending in a report on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, JMP Securities lowered their price objective on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.56.

Open Lending Trading Down 3.4 %

Shares of LPRO opened at $5.91 on Wednesday. Open Lending has a 12-month low of $4.57 and a 12-month high of $8.70. The firm has a market capitalization of $704.27 million, a PE ratio of 53.73 and a beta of 1.12. The company has a quick ratio of 13.32, a current ratio of 13.32 and a debt-to-equity ratio of 0.63. The stock’s fifty day simple moving average is $5.72 and its 200-day simple moving average is $5.82.

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

Institutional Investors Weigh In On Open Lending

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Working Capital Advisors UK Ltd. increased its stake in 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 acquiring an additional 658,240 shares during the last quarter. Dean Capital Management grew its position in Open Lending by 17.6% during the 4th quarter. Dean Capital Management now owns 33,119 shares of the company’s stock worth $282,000 after purchasing an additional 4,950 shares during the period. Cannell Capital LLC lifted its stake 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 valued at $22,525,000 after purchasing an additional 943,429 shares during the period. G2 Investment Partners Management LLC purchased a new position in shares of Open Lending during the 4th quarter valued at approximately $1,702,000. Finally, Palogic Value Management L.P. lifted its holdings in Open Lending by 81.8% in the 4th quarter. Palogic Value Management L.P. now owns 400,000 shares of the company’s stock valued at $3,404,000 after purchasing an additional 180,000 shares in the last quarter. Hedge funds and other institutional investors 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.