Needham & Company LLC Raises Open Lending (NASDAQ:LPRO) Price Target to $2.50

Open Lending (NASDAQ:LPRO) had its price objective lifted by equities research analysts at Needham & Company LLC from $2.00 to $2.50 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 45.35% from the company’s current price.

Several other brokerages have also commented on LPRO. DA Davidson reissued a “buy” rating and set a $4.00 price target on shares of Open Lending in a research note on Wednesday, April 16th. Jefferies Financial Group downgraded Open Lending from a “buy” rating to a “hold” rating and decreased their target price for the stock from $8.00 to $3.70 in a research report on Thursday, March 20th. Finally, Citizens Jmp began coverage on Open Lending in a research report on Friday, April 4th. They issued a “market perform” rating for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Open Lending has a consensus rating of “Hold” and an average price target of $4.44.

Open Lending Stock Performance

Shares of LPRO stock opened at $1.72 on Friday. The company has a current ratio of 9.42, a quick ratio of 9.42 and a debt-to-equity ratio of 0.61. Open Lending has a 12-month low of $0.70 and a 12-month high of $6.97. The company has a market cap of $206.03 million, a price-to-earnings ratio of 57.33 and a beta of 1.79. The stock has a 50 day simple moving average of $2.13 and a 200-day simple moving average of $4.53.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $24.39 million during the quarter, compared to analysts’ expectations of $24.78 million. Open Lending had a return on equity of 2.15% and a net margin of 4.78%. On average, equities analysts forecast that Open Lending will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Open Lending

Hedge funds have recently bought and sold shares of the stock. R Squared Ltd acquired a new stake in shares of Open Lending during the fourth quarter valued at $25,000. Teacher Retirement System of Texas purchased a new position in Open Lending in the 1st quarter valued at about $41,000. Quantbot Technologies LP acquired a new stake in shares of Open Lending during the 4th quarter worth about $54,000. Harrell Investment Partners LLC purchased a new stake in shares of Open Lending during the first quarter worth about $62,000. Finally, XTX Topco Ltd acquired a new position in shares of Open Lending in the first quarter valued at approximately $76,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.