Open Lending Co. (NASDAQ:LPRO) Receives $6.79 Average Price Target from Brokerages

Open Lending Co. (NASDAQ:LPRO) has earned an average recommendation of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $6.79.

A number of equities research analysts recently commented on the stock. BTIG Research assumed coverage on shares of Open Lending in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Canaccord Genuity Group lowered 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. Finally, Needham & Company LLC cut shares of Open Lending from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd.

Open Lending Stock Performance

NASDAQ:LPRO opened at $6.36 on Wednesday. The company has a quick ratio of 13.14, a current ratio of 13.14 and a debt-to-equity ratio of 0.65. Open Lending has a fifty-two week low of $4.57 and a fifty-two week high of $11.49. The stock has a market cap of $757.92 million, a PE ratio of 57.82 and a beta of 1.12. The firm’s fifty day simple moving average is $6.09 and its 200-day simple moving average is $6.38.

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

Institutional Investors Weigh In On Open Lending

Several hedge funds have recently modified their holdings of LPRO. SlateStone Wealth LLC acquired a new stake in shares of Open Lending during the 2nd quarter worth about $70,000. QRG Capital Management Inc. lifted its holdings in shares of Open Lending by 24.0% during the 2nd 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. Victory Capital Management Inc. lifted its holdings in shares of Open Lending by 27.3% during the 4th 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. Aigen Investment Management LP purchased a new position in shares of Open Lending during the 4th quarter worth about $121,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Open Lending by 15.9% during the 4th 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. 78.06% of the stock is owned by institutional investors and hedge funds.

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.