Open Lending (NASDAQ:LPRO) Trading Up 4.2% – Should You Buy?

Open Lending Co. (NASDAQ:LPRO) shares shot up 4.2% on Tuesday . The stock traded as high as $6.03 and last traded at $6.02. 28,592 shares traded hands during trading, a decline of 93% from the average session volume of 411,676 shares. The stock had previously closed at $5.78.

Analysts Set New Price Targets

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Open Lending in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.83.

Open Lending Stock Performance

The stock has a market cap of $710.13 million, a P/E ratio of 198.33, a PEG ratio of 2.46 and a beta of 1.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 9.42 and a quick ratio of 9.42. The stock has a 50-day simple moving average of $6.04 and a 200-day simple moving average of $5.86.

Hedge Funds Weigh In On Open Lending

A number of institutional investors have recently added to or reduced their stakes in LPRO. Bank of New York Mellon Corp grew its stake in shares of Open Lending by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 386,306 shares of the company’s stock worth $2,156,000 after buying an additional 41,792 shares during the last quarter. Arizona State Retirement System grew its position in Open Lending by 32.2% during the 2nd quarter. Arizona State Retirement System now owns 28,288 shares of the company’s stock worth $158,000 after acquiring an additional 6,896 shares during the last quarter. Federated Hermes Inc. increased its holdings in Open Lending by 9.2% in the 2nd quarter. Federated Hermes Inc. now owns 95,418 shares of the company’s stock worth $532,000 after purchasing an additional 8,010 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Open Lending by 48.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 108,951 shares of the company’s stock valued at $608,000 after purchasing an additional 35,435 shares during the last quarter. Finally, King Luther Capital Management Corp acquired a new stake in shares of Open Lending during the second quarter valued at about $558,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.