Open Lending (NASDAQ:LPRO) Trading 6.2% Higher

Open Lending Co. (NASDAQ:LPRO)’s stock price rose 6.2% during mid-day trading on Wednesday . The stock traded as high as $5.63 and last traded at $5.62. Approximately 190,674 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 450,375 shares. The stock had previously closed at $5.29.

Wall Street Analysts Forecast Growth

LPRO has been the topic of a number of recent analyst reports. Raymond James reissued an “outperform” rating and set a $8.00 price target on shares of Open Lending in a research report on Tuesday, March 26th. Morgan Stanley raised shares of Open Lending from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $4.00 to $7.00 in a research report on Tuesday, February 6th. JMP Securities reaffirmed a “market outperform” rating and set a $8.00 target price on shares of Open Lending in a report on Tuesday, March 26th. Canaccord Genuity Group reduced their price objective on Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Needham & Company LLC lowered their target price on Open Lending from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.79.

Open Lending Stock Up 5.3 %

The company has a market capitalization of $662.16 million, a P/E ratio of 32.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08. The firm’s fifty day moving average is $5.95 and its 200-day moving average is $6.74.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Open Lending had a return on equity of 10.45% and a net margin of 18.79%. The firm had revenue of $30.75 million for the quarter, compared to the consensus estimate of $28.65 million. During the same quarter last year, the firm posted $0.10 earnings per share. The business’s revenue for the quarter was down 19.9% on a year-over-year basis. As a group, equities research analysts predict that Open Lending Co. will post 0.28 EPS for the current year.

Insider Buying and Selling

In related news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.35, for a total transaction of $367,500.00. Following the completion of the transaction, the director now directly owns 1,993,762 shares of the company’s stock, valued at approximately $14,654,150.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. QRG Capital Management Inc. acquired a new position in Open Lending in the third quarter valued at $84,000. Gilbert & Cook Inc. acquired a new position in shares of Open Lending in the 3rd quarter valued at about $92,000. Austin Wealth Management LLC bought a new stake in shares of Open Lending during the 3rd quarter valued at about $114,000. Victory Capital Management Inc. grew its stake in Open Lending by 27.3% during the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after purchasing an additional 2,971 shares during the period. Finally, Aigen Investment Management LP bought a new stake in Open Lending in the fourth quarter worth approximately $121,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.