Open Lending (NASDAQ:LPRO) Rating Reiterated by JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Open Lending (NASDAQ:LPRO) in a report published on Tuesday, Benzinga reports. JMP Securities currently has a $8.00 price target on the stock.

A number of other equities research analysts have also recently commented on LPRO. Canaccord Genuity Group dropped their target price on Open Lending from $7.50 to $7.00 and set a hold rating on the stock in a research report on Tuesday. Morgan Stanley raised shares of Open Lending from an underweight rating to an equal weight rating and raised their price target for the company from $4.00 to $7.00 in a research note on Tuesday, February 6th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $8.00 price target on shares of Open Lending in a research note on Wednesday, February 28th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $7.07.

Open Lending Price Performance

NASDAQ:LPRO opened at $6.26 on Tuesday. Open Lending has a 52 week low of $4.89 and a 52 week high of $11.99. The company has a quick ratio of 14.08, a current ratio of 14.08 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $744.19 million, a PE ratio of 36.82 and a beta of 1.01. The stock’s 50-day moving average price is $7.32 and its 200-day moving average price is $7.12.

Open Lending (NASDAQ:LPRO) last posted its earnings results on Tuesday, February 27th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The business had revenue of $14.90 million for the quarter, compared to analyst estimates of $27.55 million. During the same quarter last year, the business earned ($0.03) earnings per share. Open Lending’s revenue was down 44.4% on a year-over-year basis. As a group, equities analysts expect that Open Lending will post 0.28 EPS for the current fiscal year.

Insider Activity at Open Lending

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $7.83, for a total value of $391,500.00. Following the transaction, the director now directly owns 2,179,666 shares of the company’s stock, valued at approximately $17,066,784.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 200,000 shares of company stock valued at $1,501,500. 18.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LPRO. Price T Rowe Associates Inc. MD lifted its stake in Open Lending by 55.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,399,688 shares of the company’s stock worth $65,469,000 after purchasing an additional 2,277,806 shares in the last quarter. Cannell Capital LLC purchased a new position in Open Lending in the 1st quarter worth approximately $17,951,000. Norges Bank purchased a new position in Open Lending in the 4th quarter worth approximately $6,095,000. Vanguard Group Inc. lifted its stake in Open Lending by 9.3% in the 1st quarter. Vanguard Group Inc. now owns 9,887,343 shares of the company’s stock worth $186,970,000 after purchasing an additional 838,752 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in Open Lending by 11.9% in the 3rd quarter. BlackRock Inc. now owns 7,609,797 shares of the company’s stock worth $61,182,000 after purchasing an additional 807,200 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.