Open Lending (NASDAQ:LPRO) PT Lowered to $7.00 at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO) had its price target lowered by Canaccord Genuity Group from $7.50 to $7.00 in a research note released on Tuesday, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

LPRO has been the subject of several other research reports. Needham & Company LLC reissued a buy rating and issued a $8.00 price objective on shares of Open Lending in a research report on Wednesday, February 28th. JMP Securities increased their price objective on shares of Open Lending from $7.00 to $9.00 and gave the stock a market outperform rating in a research report on Friday, January 12th. Finally, Morgan Stanley raised shares of Open Lending from an underweight rating to an equal weight rating and increased their price objective for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Open Lending currently has a consensus rating of Hold and an average price target of $7.07.

Open Lending Stock Performance

NASDAQ:LPRO opened at $6.26 on Tuesday. 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 company has a market cap of $744.19 million, a P/E ratio of 36.82 and a beta of 1.01. Open Lending has a fifty-two week low of $4.89 and a fifty-two week high of $11.99. The firm’s 50 day moving average is $7.32 and its two-hundred day moving average is $7.12.

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

Insider Activity at Open Lending

In related news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $7.60, for a total transaction of $380,000.00. Following the completion of the sale, the director now directly owns 2,129,666 shares of the company’s stock, valued at approximately $16,185,461.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders sold 200,000 shares of company stock valued at $1,501,500. Corporate insiders own 18.30% of the company’s stock.

Institutional Investors Weigh In On Open Lending

A number of large investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Open Lending during the 2nd quarter worth $29,000. Point72 Hong Kong Ltd acquired a new position in Open Lending during the 1st quarter worth $41,000. Envestnet Asset Management Inc. acquired a new position in Open Lending during the 1st quarter worth $78,000. QRG Capital Management Inc. acquired a new position in Open Lending during the 3rd quarter worth $84,000. Finally, Tower Research Capital LLC TRC grew its holdings in Open Lending by 58.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 10,599 shares of the company’s stock worth $85,000 after acquiring an additional 3,923 shares in the last quarter. 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.