Open Lending Co. (NASDAQ:LPRO) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its holdings in shares of Open Lending Co. (NASDAQ:LPRO) by 0.9% during the second quarter, HoldingsChannel.com reports. The firm owned 1,469,800 shares of the company’s stock after selling 13,050 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Open Lending were worth $8,201,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cannell Capital LLC raised its stake in Open Lending by 55.4% in the fourth quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock valued at $22,525,000 after buying an additional 943,429 shares during the last quarter. Working Capital Advisors UK Ltd. grew its position in Open Lending by 10.2% during the 4th quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock worth $60,323,000 after purchasing an additional 658,240 shares during the last quarter. Wasatch Advisors LP increased its stake in Open Lending by 3.5% during the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock valued at $100,749,000 after purchasing an additional 546,166 shares in the last quarter. G2 Investment Partners Management LLC purchased a new position in shares of Open Lending in the fourth quarter worth $1,702,000. Finally, Palogic Value Management L.P. lifted its stake in shares of Open Lending by 81.8% during the fourth quarter. Palogic Value Management L.P. now owns 400,000 shares of the company’s stock worth $3,404,000 after buying an additional 180,000 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Open Lending Stock Up 0.5 %

Shares of LPRO opened at $5.49 on Friday. The firm has a market cap of $654.22 million, a P/E ratio of 49.91 and a beta of 1.12. Open Lending Co. has a 12 month low of $4.57 and a 12 month high of $8.70. The stock’s 50 day moving average is $5.72 and its two-hundred day moving average is $6.03. The company has a current ratio of 13.32, a quick ratio of 13.32 and a debt-to-equity ratio of 0.63.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The company had revenue of $26.73 million during the quarter, compared to analyst estimates of $31.03 million. Open Lending had a net margin of 6.25% and a return on equity of 2.90%. Open Lending’s revenue was down 29.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 EPS. Analysts predict that Open Lending Co. will post 0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LPRO. BTIG Research assumed coverage on Open Lending in a research report on Friday, June 7th. They set a “neutral” rating for the company. Needham & Company LLC downgraded shares of Open Lending from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. JMP Securities dropped their price objective on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a report on Friday, August 9th. Morgan Stanley reduced their target price 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, August 9th. Finally, DA Davidson lowered their price target on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Open Lending presently has a consensus rating of “Hold” and a consensus price target of $6.56.

Open Lending 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.