Open Lending (NASDAQ:LPRO) Shares Gap Up to $4.80

Open Lending Co. (NASDAQ:LPRO)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $4.80, but opened at $4.92. Open Lending shares last traded at $4.88, with a volume of 26,759 shares traded.

Analyst Ratings Changes

Several analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of Open Lending in a research report on Wednesday, February 28th. Morgan Stanley upgraded Open Lending from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $4.00 to $7.00 in a research note on Tuesday, February 6th. Raymond James restated an “outperform” rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. JMP Securities restated a “market outperform” rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Finally, Canaccord Genuity Group lowered their price target on Open Lending from $7.50 to $7.00 and set a “hold” rating on the stock in a research note on Tuesday, March 26th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Open Lending currently has a consensus rating of “Hold” and an average target price of $7.07.

Open Lending Stock Performance

The company has a market capitalization of $577.76 million, a P/E ratio of 28.24 and a beta of 0.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08. The firm has a 50 day moving average price of $6.81 and a two-hundred day moving average price of $6.93.

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

Insider Transactions at Open Lending

In other news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $7.25, for a total value of $362,500.00. Following the transaction, the director now directly owns 2,079,666 shares of the company’s stock, valued at approximately $15,077,578.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 150,000 shares of company stock valued at $1,110,000 in the last three months. 17.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LPRO. Prudential Financial Inc. raised its stake in Open Lending by 10.2% during the 2nd quarter. Prudential Financial Inc. now owns 13,986 shares of the company’s stock worth $143,000 after buying an additional 1,300 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Open Lending by 51.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock valued at $89,000 after acquiring an additional 1,591 shares in the last quarter. Swiss National Bank grew its holdings in shares of Open Lending by 1.1% in the 3rd quarter. Swiss National Bank now owns 172,450 shares of the company’s stock valued at $1,262,000 after acquiring an additional 1,800 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Open Lending by 14.6% during the second quarter. Envestnet Asset Management Inc. now owns 14,993 shares of the company’s stock worth $153,000 after purchasing an additional 1,913 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Open Lending by 15.9% during the fourth 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 currently owned by 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.