Open Lending (NASDAQ:LPRO) PT Lowered to $8.00 at DA Davidson

Open Lending (NASDAQ:LPRO) had its price objective reduced by DA Davidson from $9.00 to $8.00 in a research report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently issued reports on LPRO. BTIG Research began coverage on shares of Open Lending in a report on Friday, June 7th. They set a neutral rating for the company. Morgan Stanley decreased their price target on 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. JMP Securities cut their price objective on Open Lending from $8.00 to $7.00 and set a market outperform rating for the company in a research report on Friday, August 9th. Needham & Company LLC cut Open Lending from a buy rating to a hold rating in a report on Monday, July 22nd. Finally, Canaccord Genuity Group cut their price target on Open Lending from $7.00 to $6.00 and set a hold rating for the company in a report on Wednesday, May 8th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $6.56.

Open Lending Stock Performance

NASDAQ LPRO opened at $5.36 on Monday. The company’s fifty day moving average is $5.85 and its two-hundred day moving average is $6.23. The firm has a market capitalization of $638.72 million, a price-to-earnings ratio of 48.73 and a beta of 1.12. The company has a debt-to-equity ratio of 0.65, a current ratio of 13.14 and a quick ratio of 13.14. Open Lending has a 52-week low of $4.57 and a 52-week high of $8.70.

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). 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 firm’s quarterly revenue was down 29.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 EPS. Equities research analysts forecast that Open Lending will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Open Lending

Several hedge funds have recently added to or reduced their stakes in LPRO. Cubist Systematic Strategies LLC bought a new stake in shares of Open Lending in the 2nd quarter valued at $33,000. SlateStone Wealth LLC acquired a new stake in shares of Open Lending during the second quarter worth about $70,000. Victory Capital Management Inc. lifted its holdings in shares of 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 in the last quarter. Aigen Investment Management LP acquired a new position in shares of Open Lending in the 4th quarter valued at approximately $121,000. Finally, QRG Capital Management Inc. increased its stake in Open Lending by 24.0% during the 2nd quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock worth $81,000 after purchasing an additional 2,824 shares in the last quarter. Institutional investors and hedge funds 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.