Open Lending’s (LPRO) Market Outperform Rating Reiterated at JMP Securities

Open Lending (NASDAQ:LPRO)‘s stock had its “market outperform” rating reaffirmed by investment analysts at JMP Securities in a report issued on Tuesday, Benzinga reports. They currently have a $8.00 price target on the stock. JMP Securities’ target price indicates a potential upside of 29.24% from the company’s current price.

LPRO has been the subject of several other reports. Morgan Stanley raised shares of Open Lending from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $4.00 to $7.00 in a report on Tuesday, February 6th. 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, Canaccord Genuity Group reduced their target price on Open Lending from $7.50 to $7.00 and set a “hold” rating on the stock in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.07.

Open Lending Trading Up 1.3 %

LPRO stock opened at $6.19 on Tuesday. Open Lending has a 1-year low of $4.89 and a 1-year high of $11.99. The company has a current ratio of 14.08, a quick ratio of 14.08 and a debt-to-equity ratio of 0.68. The business’s 50 day moving average is $7.34 and its 200-day moving average is $7.12. The firm has a market cap of $735.87 million, a P/E ratio of 36.41 and a beta of 1.01.

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

Insiders Place Their Bets

In related news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $7.25, for a total value of $362,500.00. Following the completion of the transaction, the director now owns 2,079,666 shares in the company, valued at approximately $15,077,578.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders sold 200,000 shares of company stock valued at $1,501,500. Insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LPRO. Price T Rowe Associates Inc. MD boosted its stake in shares of Open Lending by 55.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,399,688 shares of the company’s stock valued at $65,469,000 after purchasing an additional 2,277,806 shares during the last quarter. Cannell Capital LLC acquired a new position in Open Lending in the first quarter valued at approximately $17,951,000. Norges Bank bought a new position in Open Lending in the fourth quarter valued at approximately $6,095,000. Vanguard Group Inc. grew its holdings in Open Lending by 9.3% during the 1st quarter. Vanguard Group Inc. now owns 9,887,343 shares of the company’s stock worth $186,970,000 after acquiring an additional 838,752 shares during the period. Finally, BlackRock Inc. grew its holdings in Open Lending by 11.9% during the 3rd quarter. BlackRock Inc. now owns 7,609,797 shares of the company’s stock worth $61,182,000 after acquiring an additional 807,200 shares during the period. 78.06% of the stock is currently owned by institutional investors.

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.