Open Lending (NASDAQ:LPRO) Price Target Cut to $7.00

Open Lending (NASDAQ:LPRO) had its price target reduced by research analysts at JMP Securities from $8.00 to $7.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price would indicate a potential upside of 27.27% from the stock’s previous close.

Several other research firms also recently commented on LPRO. Canaccord Genuity Group cut their price objective on Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. BTIG Research initiated coverage on Open Lending in a report on Friday, June 7th. They set a “neutral” rating for the company. Needham & Company LLC lowered Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley cut their price objective 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.36.

Open Lending Price Performance

Shares of Open Lending stock traded up $0.03 during mid-day trading on Friday, reaching $5.50. 854,909 shares of the stock were exchanged, compared to its average volume of 462,908. Open Lending has a fifty-two week low of $4.57 and a fifty-two week high of $8.70. The firm has a 50-day simple moving average of $5.97 and a 200 day simple moving average of $6.29. The company has a current ratio of 13.14, a quick ratio of 13.14 and a debt-to-equity ratio of 0.65. The company has a market cap of $655.41 million, a price-to-earnings ratio of 50.00 and a beta of 1.12.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The company had revenue of $26.73 million for the quarter, compared to analyst estimates of $31.03 million. During the same period last year, the firm earned $0.09 earnings per share. The firm’s revenue for the quarter was down 29.9% on a year-over-year basis. On average, sell-side analysts predict that Open Lending will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Lending

Several hedge funds and other institutional investors have recently made changes to their positions in LPRO. Russell Investments Group Ltd. boosted its position in shares of Open Lending by 15.9% in the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after acquiring an additional 2,090 shares during the period. QRG Capital Management Inc. raised its stake 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 acquiring an additional 2,824 shares during the last quarter. Olympiad Research LP grew its stake in shares of Open Lending by 10.7% in the fourth quarter. Olympiad Research LP now owns 29,219 shares of the company’s stock worth $249,000 after purchasing an additional 2,832 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Open Lending by 27.3% during the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock valued at $118,000 after purchasing an additional 2,971 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in Open Lending by 12.5% in the 4th quarter. New York State Common Retirement Fund now owns 42,857 shares of the company’s stock worth $365,000 after buying an additional 4,745 shares during the period. 78.06% of the stock is owned by institutional investors.

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.