Open Lending (NASDAQ:LPRO) Trading Down 5.1% – Here’s What Happened

Open Lending Co. (NASDAQ:LPRO)’s stock price was down 5.1% during mid-day trading on Friday . The company traded as low as $6.02 and last traded at $6.05. Approximately 212,112 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 360,305 shares. The stock had previously closed at $6.37.

Analyst Ratings Changes

Separately, Needham & Company LLC upgraded shares of Open Lending from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.83.

Open Lending Price Performance

The firm has a market cap of $717.89 million, a PE ratio of 200.50 and a beta of 1.16. The company has a current ratio of 9.42, a quick ratio of 9.42 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average price of $5.80 and a 200 day moving average price of $5.83.

Open Lending (NASDAQ:LPRO) last posted its earnings results on Thursday, November 7th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The firm had revenue of $23.48 million during the quarter, compared to analyst estimates of $29.46 million. Open Lending had a net margin of 4.78% and a return on equity of 2.15%. During the same period last year, the company posted $0.02 EPS. On average, sell-side analysts expect that Open Lending Co. will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Open Lending

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wasatch Advisors LP increased its stake in shares of Open Lending by 1.4% during the 3rd quarter. Wasatch Advisors LP now owns 16,630,780 shares of the company’s stock worth $101,780,000 after purchasing an additional 222,969 shares in the last quarter. State Street Corp increased its position in Open Lending by 2.6% during the 3rd quarter. State Street Corp now owns 2,545,783 shares of the company’s stock worth $15,580,000 after purchasing an additional 63,450 shares in the last quarter. Geode Capital Management LLC raised its stake in Open Lending by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,365,266 shares of the company’s stock valued at $14,478,000 after purchasing an additional 68,721 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Open Lending by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 841,913 shares of the company’s stock valued at $5,153,000 after purchasing an additional 31,434 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Open Lending by 9.4% during the 2nd quarter. Sei Investments Co. now owns 532,852 shares of the company’s stock worth $2,973,000 after purchasing an additional 45,959 shares during 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.