Open Lending (NASDAQ:LPRO) Shares Up 7.2%

Open Lending Co. (NASDAQ:LPRO) shares shot up 7.2% during trading on Friday . The company traded as high as $6.58 and last traded at $6.57. 75,974 shares traded hands during trading, a decline of 83% from the average session volume of 442,379 shares. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

A number of research firms recently commented on LPRO. JMP Securities decreased their price objective on Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC lowered Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Morgan Stanley decreased their price objective on 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. DA Davidson decreased their price objective on Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, BTIG Research began coverage on Open Lending in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.56.

Open Lending Stock Up 4.9 %

The firm has a market capitalization of $766.23 million, a price-to-earnings ratio of 58.45 and a beta of 1.12. The company has a current ratio of 13.32, a quick ratio of 13.32 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average price of $5.72 and a two-hundred day moving average price of $5.84.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings data 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 analyst estimates of $31.03 million. Open Lending had a net margin of 6.25% and a return on equity of 2.90%. The business’s revenue for the quarter was down 29.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share. On average, equities analysts expect that Open Lending Co. will post 0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Lending

Hedge funds and other institutional investors have recently modified their holdings of the company. G2 Investment Partners Management LLC acquired a new position in shares of Open Lending in the 4th quarter valued at about $1,702,000. Wasatch Advisors LP raised its holdings in shares of Open Lending by 3.5% during the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock valued at $100,749,000 after buying an additional 546,166 shares during the period. EVR Research LP purchased a new stake in shares of Open Lending during the 2nd quarter valued at about $2,758,000. King Luther Capital Management Corp purchased a new stake in shares of Open Lending during the 2nd quarter valued at about $558,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Open Lending by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 776,264 shares of the company’s stock valued at $6,606,000 after buying an additional 9,957 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

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.