Open Lending (NASDAQ:LPRO) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Open Lending (NASDAQ:LPRO) issued its quarterly earnings data on Thursday. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.03), Briefing.com reports. The business had revenue of $26.73 million for the quarter, compared to analyst estimates of $31.03 million. Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The business’s quarterly revenue was down 29.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Open Lending updated its Q3 2024 guidance to EPS.

Open Lending Price Performance

Shares of NASDAQ LPRO traded up $0.03 during trading on Friday, hitting $5.50. The company had a trading volume of 854,909 shares, compared to its average volume of 462,908. The company has a market cap of $655.41 million, a P/E ratio of 50.00 and a beta of 1.12. Open Lending has a 52 week low of $4.57 and a 52 week high of $8.70. The business’s 50-day moving average is $5.97 and its 200 day moving average is $6.29. The company has a debt-to-equity ratio of 0.65, a quick ratio of 13.14 and a current ratio of 13.14.

Wall Street Analysts Forecast Growth

LPRO has been the subject of a number of research analyst reports. BTIG Research initiated coverage on Open Lending in a research report on Friday, June 7th. They issued a “neutral” rating for the company. JMP Securities cut their target price on Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research report on Friday. Needham & Company LLC downgraded Open Lending from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Canaccord Genuity Group cut their target price on Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Finally, Morgan Stanley cut their target price on Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Friday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.36.

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.