Open Lending (NASDAQ:LPRO) Shares Gap Down – Time to Sell?

Open Lending Co. (NASDAQ:LPRO)’s share price gapped down before the market opened on Friday . The stock had previously closed at $6.75, but opened at $6.13. Open Lending shares last traded at $5.90, with a volume of 57,004 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley dropped 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 research report on Friday, August 9th. DA Davidson lowered their price objective on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 12th. JMP Securities reduced their target price on Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a report on Friday, August 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of Open Lending in a research note on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.56.

Open Lending Trading Down 11.3 %

The company has a debt-to-equity ratio of 0.63, a quick ratio of 13.32 and a current ratio of 13.32. The stock has a 50-day moving average of $5.80 and a two-hundred day moving average of $5.82. The company has a market cap of $714.31 million, a P/E ratio of 146.79 and a beta of 1.13.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LPRO. Cubist Systematic Strategies LLC bought a new stake in shares of Open Lending during the second quarter valued at approximately $33,000. Blue Trust Inc. boosted its stake in Open Lending by 208.2% during the 3rd quarter. Blue Trust Inc. now owns 10,500 shares of the company’s stock valued at $59,000 after purchasing an additional 7,093 shares during the last quarter. SlateStone Wealth LLC bought a new stake in shares of Open Lending in the 2nd quarter worth $70,000. QRG Capital Management Inc. raised its stake in shares of Open Lending by 24.0% in the second 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 last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Open Lending during the second quarter valued at $110,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.