JMP Securities Lowers Open Lending (NASDAQ:LPRO) Price Target to $7.00

Open Lending (NASDAQ:LPRO) had its target price reduced by equities research analysts at JMP Securities from $8.00 to $7.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target indicates a potential upside of 27.27% from the company’s previous close.

Several other research analysts have also recently weighed in on LPRO. Morgan Stanley reduced their price target on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Friday. BTIG Research assumed coverage on Open Lending in a research report on Friday, June 7th. They issued a “neutral” rating for the company. Needham & Company LLC lowered Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Finally, Canaccord Genuity Group dropped their price target on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.36.

Open Lending Stock Performance

Shares of LPRO traded up $0.03 during trading hours on Friday, reaching $5.50. 854,909 shares of the company traded hands, compared to its average volume of 462,908. The stock has a market cap of $655.41 million, a P/E ratio of 50.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.65, a quick ratio of 13.14 and a current ratio of 13.14. The stock’s fifty day moving average is $5.97 and its 200 day moving average is $6.29. Open Lending has a 1-year low of $4.57 and a 1-year high of $8.70.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The business had revenue of $26.73 million during the quarter, compared to analyst estimates of $31.03 million. Open Lending had a return on equity of 6.87% and a net margin of 13.31%. Open Lending’s revenue for the quarter was down 29.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 EPS. Equities research analysts anticipate that Open Lending will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. SlateStone Wealth LLC purchased a new position in shares of Open Lending in the 2nd quarter worth about $70,000. Victory Capital Management Inc. boosted its stake in shares of Open Lending by 27.3% in the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock valued at $118,000 after purchasing an additional 2,971 shares in the last quarter. Aigen Investment Management LP bought a new position in shares of Open Lending during the 4th quarter valued at $121,000. QRG Capital Management Inc. raised its position in Open Lending by 24.0% in the 2nd quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock worth $81,000 after purchasing an additional 2,824 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Open Lending by 15.9% during the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after buying an additional 2,090 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.