Open Lending (NASDAQ:LPRO) Shares Gap Up to $4.80

Shares of Open Lending Co. (NASDAQ:LPRO) gapped up before the market opened on Wednesday . The stock had previously closed at $4.80, but opened at $4.92. Open Lending shares last traded at $4.88, with a volume of 26,759 shares.

Analyst Upgrades and Downgrades

LPRO has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and issued a $8.00 price target on shares of Open Lending in a research report on Wednesday, February 28th. Morgan Stanley upgraded shares of 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. Raymond James restated an “outperform” rating and issued a $8.00 price target on shares of Open Lending in a research report on Tuesday, March 26th. JMP Securities restated a “market outperform” rating and issued a $8.00 price target on shares of Open Lending in a research report on Tuesday, March 26th. Finally, Canaccord Genuity Group reduced their price target on shares of Open Lending from $7.50 to $7.00 and set a “hold” rating on the stock in a research report on Tuesday, March 26th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.07.

Open Lending Stock Performance

The stock has a market capitalization of $550.41 million, a P/E ratio of 27.24 and a beta of 0.99. The company’s 50-day moving average is $6.71 and its two-hundred day moving average is $6.90. The company has a current ratio of 14.08, a quick ratio of 14.08 and a debt-to-equity ratio of 0.68.

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

Insiders Place Their Bets

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $7.25, for a total transaction of $362,500.00. Following the sale, the director now directly owns 2,079,666 shares in the company, valued at approximately $15,077,578.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 150,000 shares of company stock worth $1,110,000. 18.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Open Lending

Several hedge funds have recently made changes to their positions in the business. Wasatch Advisors LP grew its stake in shares of Open Lending by 3.5% in the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock worth $100,749,000 after purchasing an additional 546,166 shares during the last quarter. Vanguard Group Inc. grew its stake 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 last quarter. Goldman Sachs Group Inc. grew its stake in shares of Open Lending by 11.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 416,170 shares of the company’s stock worth $3,542,000 after purchasing an additional 42,583 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of Open Lending by 25.0% in the 4th quarter. Chicago Partners Investment Group LLC now owns 25,000 shares of the company’s stock worth $213,000 after purchasing an additional 5,000 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of Open Lending in the 4th quarter worth approximately $321,000. Institutional investors and hedge funds 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.