Open Lending (NASDAQ:LPRO) Price Target Lowered to $7.00 at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO) had its price target dropped by investment analysts at Canaccord Genuity Group from $7.50 to $7.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 13.09% from the company’s current price.

LPRO has been the subject of a number of other reports. JMP Securities increased their price target on Open Lending from $7.00 to $9.00 and gave the company a “market outperform” rating in a research report on Friday, January 12th. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of Open Lending in a research note on Wednesday, February 28th. Finally, Morgan Stanley raised shares of Open Lending from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $4.00 to $7.00 in a research report on Tuesday, February 6th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Open Lending currently has a consensus rating of “Hold” and an average target price of $7.07.

Open Lending Trading Up 1.3 %

NASDAQ:LPRO opened at $6.19 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 14.08 and a quick ratio of 14.08. Open Lending has a one year low of $4.89 and a one year high of $11.99. The company has a market cap of $735.87 million, a PE ratio of 36.41 and a beta of 1.01. The firm has a 50-day moving average of $7.34 and a 200-day moving average of $7.12.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $14.90 million for the quarter, compared to analyst estimates of $27.55 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. Open Lending’s revenue for the quarter was down 44.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.03) EPS. As a group, equities research analysts expect that Open Lending will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling at Open Lending

In other news, Director John Joseph Flynn sold 50,000 shares of Open Lending stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $7.60, for a total transaction of $380,000.00. Following the sale, the director now directly owns 2,129,666 shares in the company, valued at approximately $16,185,461.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 200,000 shares of company stock worth $1,501,500 in the last quarter. 17.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Open Lending by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 9,474,464 shares of the company’s stock worth $80,628,000 after purchasing an additional 46,912 shares during the period. Goldman Sachs Group Inc. increased its position in Open Lending by 11.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 416,170 shares of the company’s stock worth $3,542,000 after buying an additional 42,583 shares during the last quarter. Chicago Partners Investment Group LLC raised its stake in shares of Open Lending by 25.0% in the fourth quarter. Chicago Partners Investment Group LLC now owns 25,000 shares of the company’s stock valued at $213,000 after buying an additional 5,000 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Open Lending during the 4th quarter valued at $321,000. Finally, Legal & General Group Plc grew its stake in shares of Open Lending by 3.2% during the 4th quarter. Legal & General Group Plc now owns 85,047 shares of the company’s stock worth $724,000 after acquiring an additional 2,601 shares during the period. 78.06% of the stock is owned by 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.