Open Lending (NASDAQ:LPRO) Releases Earnings Results, Misses Expectations By $0.03 EPS

Open Lending (NASDAQ:LPRO) released its earnings results on Thursday. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03), Briefing.com reports. The business had revenue of $26.73 million during the quarter, compared to analysts’ expectations of $31.03 million. Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The firm’s quarterly revenue was down 29.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 earnings per share. Open Lending updated its Q3 2024 guidance to EPS.

Open Lending Stock Performance

Open Lending stock traded up $0.03 during midday trading on Friday, hitting $5.50. The stock had a trading volume of 854,909 shares, compared to its average volume of 462,908. The firm’s fifty day moving average is $5.97 and its two-hundred day moving average is $6.29. The company has a market capitalization of $655.41 million, a PE ratio of 50.00 and a beta of 1.12. Open Lending has a 52-week low of $4.57 and a 52-week high of $8.70. The company has a current ratio of 13.14, a quick ratio of 13.14 and a debt-to-equity ratio of 0.65.

Analysts Set New Price Targets

LPRO has been the topic of a number of recent research reports. JMP Securities reduced their target price on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research report on Friday. Canaccord Genuity Group dropped their price target 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. Needham & Company LLC cut shares of Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Morgan Stanley dropped their price target 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. Finally, 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. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.36.

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.