Open Lending Co. (NASDAQ:LPRO) Short Interest Update

Open Lending Co. (NASDAQ:LPRO) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totalling 3,940,000 shares, an increase of 7.4% from the July 31st total of 3,670,000 shares. Based on an average trading volume of 445,300 shares, the short-interest ratio is presently 8.8 days. Currently, 3.8% of the company’s stock are short sold.

Open Lending Stock Performance

Shares of LPRO opened at $5.65 on Wednesday. The firm’s 50 day moving average is $5.72 and its 200-day moving average is $6.04. The stock has a market capitalization of $673.76 million, a P/E ratio of 51.37 and a beta of 1.12. The company has a debt-to-equity ratio of 0.63, a current ratio of 13.32 and a quick ratio of 13.32. Open Lending has a 12-month low of $4.57 and a 12-month high of $8.70.

Open Lending (NASDAQ:LPRO) last released its earnings results on Thursday, August 8th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The firm had revenue of $26.73 million during the quarter, compared to analysts’ expectations of $31.03 million. Open Lending had a return on equity of 2.90% and a net margin of 6.25%. The business’s revenue was down 29.9% on a year-over-year basis. During the same period last year, the business earned $0.09 earnings per share. Equities research analysts anticipate that Open Lending will post 0.18 EPS for the current fiscal year.

Institutional Trading of Open Lending

Several institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in shares of Open Lending by 15.9% during the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock worth $130,000 after purchasing an additional 2,090 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Open Lending by 6.8% in the second quarter. The Manufacturers Life Insurance Company now owns 41,152 shares of the company’s stock valued at $230,000 after acquiring an additional 2,631 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Open Lending by 24.0% in the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock valued at $81,000 after acquiring an additional 2,824 shares during the last quarter. Olympiad Research LP lifted its stake in Open Lending by 10.7% in the fourth quarter. Olympiad Research LP now owns 29,219 shares of the company’s stock valued at $249,000 after acquiring an additional 2,832 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Open Lending by 27.3% in the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock valued at $118,000 after acquiring an additional 2,971 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on LPRO. Needham & Company LLC cut shares of Open Lending from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Morgan Stanley dropped their price target on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. BTIG Research assumed coverage on shares of Open Lending in a research report on Friday, June 7th. They set a “neutral” rating on the stock. JMP Securities reduced their price target on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a report on Friday, August 9th. Finally, Canaccord Genuity Group reduced their price target on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.56.

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.