Analysts Set Open Lending Co. (NASDAQ:LPRO) Price Target at $6.79

Shares of Open Lending Co. (NASDAQ:LPRO) have been assigned an average recommendation of “Hold” from the eight research firms that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $6.79.

Several equities analysts have recently commented on the stock. Canaccord Genuity Group reduced their price target on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Needham & Company LLC cut shares of Open Lending from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Finally, 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.

Open Lending Stock Up 3.3 %

Shares of Open Lending stock opened at $6.34 on Wednesday. The business has a 50-day moving average of $6.09 and a 200-day moving average of $6.40. The company has a debt-to-equity ratio of 0.65, a current ratio of 13.14 and a quick ratio of 13.14. The company has a market capitalization of $755.54 million, a PE ratio of 57.64 and a beta of 1.12. Open Lending has a 1-year low of $4.57 and a 1-year high of $11.49.

Open Lending (NASDAQ:LPRO) last announced its earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. Open Lending had a net margin of 13.31% and a return on equity of 6.87%. The firm’s revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 earnings per share. As a group, equities analysts forecast that Open Lending will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Lending

Large investors have recently bought and sold shares of the business. SlateStone Wealth LLC bought a new position in Open Lending in the second quarter worth about $70,000. QRG Capital Management Inc. raised its holdings in shares of Open Lending by 24.0% during the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock valued at $81,000 after buying an additional 2,824 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Open Lending by 27.3% during the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock valued at $118,000 after buying an additional 2,971 shares during the last quarter. Aigen Investment Management LP bought a new stake in shares of Open Lending during the fourth quarter valued at approximately $121,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Open Lending by 15.9% during the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after buying an additional 2,090 shares during the last quarter. 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.