Renaissance Technologies LLC Reduces Stock Position in Open Lending Co. (NASDAQ:LPRO)

Renaissance Technologies LLC decreased its position in Open Lending Co. (NASDAQ:LPRO) by 17.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 647,125 shares of the company’s stock after selling 138,300 shares during the quarter. Renaissance Technologies LLC’s holdings in Open Lending were worth $3,611,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in LPRO. Wasatch Advisors LP lifted its position in shares of Open Lending by 3.5% in the first quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock valued at $100,749,000 after acquiring an additional 546,166 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Open Lending by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,756,601 shares of the company’s stock worth $67,337,000 after acquiring an additional 51,276 shares during the last quarter. Working Capital Advisors UK Ltd. raised its holdings in shares of Open Lending by 10.2% in the fourth quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock worth $60,323,000 after buying an additional 658,240 shares during the period. Cannell Capital LLC lifted its stake in shares of Open Lending by 55.4% during the 4th quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock worth $22,525,000 after acquiring an additional 943,429 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Open Lending by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 776,264 shares of the company’s stock worth $6,606,000 after purchasing an additional 9,957 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Open Lending Price Performance

Shares of NASDAQ:LPRO opened at $6.43 on Monday. The company’s 50 day moving average is $5.72 and its 200 day moving average is $5.83. The company has a market cap of $766.23 million, a PE 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. Open Lending Co. has a twelve month low of $4.57 and a twelve month high of $8.70.

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 analysts’ consensus estimates of $0.05 by ($0.03). Open Lending had a net margin of 6.25% and a return on equity of 2.90%. The company had revenue of $26.73 million for the quarter, compared to analysts’ expectations of $31.03 million. During the same quarter in the previous year, the business posted $0.09 EPS. The business’s quarterly revenue was down 29.9% on a year-over-year basis. On average, sell-side analysts forecast that Open Lending Co. will post 0.18 EPS for the current year.

Wall Street Analyst Weigh In

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

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.