Brokerages Set Open Lending Co. (NASDAQ:LPRO) PT at $6.79

Open Lending Co. (NASDAQ:LPRO) has received a consensus recommendation of “Hold” from the eight research firms that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $6.79.

LPRO has been the topic of a number of recent research reports. Needham & Company LLC cut shares of Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. BTIG Research initiated coverage on shares of Open Lending in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, Canaccord Genuity Group reduced their price objective on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th.

Institutional Investors Weigh In On Open Lending

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised 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 acquiring an additional 2,090 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Open Lending by 24.0% during the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock worth $81,000 after acquiring an additional 2,824 shares during the period. Olympiad Research LP raised its holdings in shares of Open Lending by 10.7% during the fourth quarter. Olympiad Research LP now owns 29,219 shares of the company’s stock worth $249,000 after acquiring an additional 2,832 shares during the period. Victory Capital Management Inc. raised its holdings in shares of 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 acquiring an additional 2,971 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in shares of Open Lending by 12.5% during the fourth quarter. New York State Common Retirement Fund now owns 42,857 shares of the company’s stock worth $365,000 after acquiring an additional 4,745 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Open Lending Price Performance

LPRO opened at $6.34 on Wednesday. Open Lending has a one year low of $4.57 and a one year high of $11.49. The company has a debt-to-equity ratio of 0.65, a current ratio of 13.14 and a quick ratio of 13.14. The company’s 50 day simple moving average is $6.09 and its 200-day simple moving average is $6.40. The stock has a market capitalization of $755.54 million, a P/E ratio of 57.64 and a beta of 1.12.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Open Lending had a net margin of 13.31% and a return on equity of 6.87%. The business had revenue of $30.75 million during the quarter, compared to the consensus estimate of $28.65 million. During the same period in the previous year, the business posted $0.10 earnings per share. Open Lending’s revenue was down 19.9% compared to the same quarter last year. Sell-side analysts anticipate that Open Lending will post 0.22 earnings per share for the current fiscal year.

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.