Canaccord Genuity Group Reiterates Hold Rating for Open Lending (NASDAQ:LPRO)

Open Lending (NASDAQ:LPRO)‘s stock had its “hold” rating reissued by equities research analysts at Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They currently have a $2.00 price objective on the stock. Canaccord Genuity Group’s price target points to a potential upside of 23.84% from the stock’s current price.

A number of other research firms also recently issued reports on LPRO. Weiss Ratings restated a “sell (d-)” rating on shares of Open Lending in a research note on Thursday, January 22nd. DA Davidson lowered their target price on shares of Open Lending from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Open Lending has a consensus rating of “Hold” and an average price target of $2.75.

Open Lending Stock Performance

Open Lending stock opened at $1.62 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 4.52 and a quick ratio of 4.52. Open Lending has a 1-year low of $0.70 and a 1-year high of $4.33. The stock has a market cap of $190.88 million, a price-to-earnings ratio of -49.87 and a beta of 2.05. The firm has a 50 day simple moving average of $1.64 and a 200-day simple moving average of $1.80.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings data on Thursday, March 12th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). Open Lending had a positive return on equity of 8.83% and a negative net margin of 4.54%.The company had revenue of $19.35 million for the quarter, compared to analysts’ expectations of $21.92 million. On average, analysts expect that Open Lending will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Open Lending

Several institutional investors and hedge funds have recently made changes to their positions in LPRO. Wasatch Advisors LP grew its position in shares of Open Lending by 3.6% during the third quarter. Wasatch Advisors LP now owns 6,406,790 shares of the company’s stock worth $13,518,000 after buying an additional 224,183 shares in the last quarter. Whetstone Capital Advisors LLC raised its holdings in Open Lending by 34.0% in the fourth quarter. Whetstone Capital Advisors LLC now owns 6,014,667 shares of the company’s stock valued at $9,323,000 after acquiring an additional 1,525,926 shares in the last quarter. Portolan Capital Management LLC acquired a new position in Open Lending in the third quarter worth $7,752,000. Cannell Capital LLC increased its stake in Open Lending by 87.1% during the second quarter. Cannell Capital LLC now owns 3,596,490 shares of the company’s stock valued at $6,977,000 after purchasing an additional 1,674,646 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Open Lending by 4.0% during the second quarter. Geode Capital Management LLC now owns 2,564,948 shares of the company’s stock worth $4,977,000 after purchasing an additional 98,515 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

About Open Lending

Open Lending Corporation is a financial technology company specializing in risk analytics and automated loan decisioning for the automotive finance industry. Through its proprietary platform, Open Lending enables banks, credit unions and finance companies to enhance underwriting accuracy, manage risk more effectively and streamline the loan origination process. The company’s solutions leverage machine learning and big-data analytics to deliver credit-based pricing models that help lenders optimize portfolio performance and reduce losses.

The core offerings of Open Lending include an automated underwriting engine, risk-based pricing tools and performance analytics dashboards.