Open Lending (NASDAQ:LPRO) Price Target Cut to $6.00 by Analysts at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO) had its target price reduced by stock analysts at Canaccord Genuity Group from $7.00 to $6.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 4.35% from the stock’s previous close.

LPRO has been the topic of a number of other reports. Needham & Company LLC lowered their price objective on shares of Open Lending from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. JMP Securities restated a “market outperform” rating and set a $8.00 price objective on shares of Open Lending in a research report on Tuesday, March 26th. Morgan Stanley raised Open Lending from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Finally, Raymond James restated an “outperform” rating and issued a $8.00 price objective on shares of Open Lending in a research report on Tuesday, March 26th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.79.

Open Lending Stock Up 3.2 %

Shares of NASDAQ LPRO opened at $5.75 on Wednesday. The stock has a market capitalization of $683.54 million, a price-to-earnings ratio of 52.27 and a beta of 1.03. Open Lending has a 52 week low of $4.57 and a 52 week high of $11.99. The firm has a 50-day moving average price of $5.91 and a 200 day moving average price of $6.73. The company has a quick ratio of 14.08, a current ratio of 14.08 and a debt-to-equity ratio of 0.68.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. Open Lending’s revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 earnings per share. Equities research analysts anticipate that Open Lending will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.35, for a total transaction of $367,500.00. Following the transaction, the director now owns 1,993,762 shares of the company’s stock, valued at $14,654,150.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Open Lending

Large investors have recently modified their holdings of the company. QRG Capital Management Inc. acquired a new stake in shares of Open Lending in the third quarter valued at about $84,000. Gilbert & Cook Inc. purchased a new position in Open Lending in the 3rd quarter worth approximately $92,000. Austin Wealth Management LLC acquired a new stake in Open Lending in the third quarter valued at approximately $114,000. Victory Capital Management Inc. raised its stake in shares of Open Lending by 27.3% during the fourth 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, Aigen Investment Management LP purchased a new position in shares of Open Lending in the fourth quarter valued at $121,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

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.