Open Lending (NASDAQ:LPRO) Trading Down 3.4% – Here’s What Happened

Shares of Open Lending Corporation (NASDAQ:LPRO) traded down 3.4% on Thursday . The company traded as low as $1.6250 and last traded at $1.68. 1,687,967 shares changed hands during trading, an increase of 171% from the average session volume of 623,599 shares. The stock had previously closed at $1.74.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LPRO. DA Davidson reiterated a “buy” rating and issued a $4.00 target price on shares of Open Lending in a report on Tuesday, November 11th. Citigroup reissued a “market perform” rating on shares of Open Lending in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Open Lending in a report on Thursday, January 22nd. Finally, Canaccord Genuity Group reduced their price target on Open Lending from $7.00 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, November 13th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $2.92.

Open Lending Stock Up 0.6%

The firm has a market capitalization of $199.74 million, a price-to-earnings ratio of -1.35 and a beta of 2.03. The company has a debt-to-equity ratio of 1.74, a current ratio of 5.59 and a quick ratio of 5.59. The business has a fifty day moving average price of $1.79 and a two-hundred day moving average price of $1.95.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Thursday, November 6th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $24.17 million during the quarter, compared to analysts’ expectations of $22.15 million. On average, equities analysts expect that Open Lending Corporation will post 0.1 earnings per share for the current year.

Insider Activity at Open Lending

In other Open Lending news, insider Matthew Sather acquired 40,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The shares were purchased at an average price of $1.52 per share, for a total transaction of $60,800.00. Following the completion of the purchase, the insider directly owned 44,363 shares of the company’s stock, valued at $67,431.76. The trade was a 916.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.20% of the stock is owned by company insiders.

Institutional Trading of Open Lending

A number of hedge funds have recently modified their holdings of LPRO. Wasatch Advisors LP raised its position in Open Lending by 3.6% during the third quarter. Wasatch Advisors LP now owns 6,406,790 shares of the company’s stock valued at $13,518,000 after acquiring an additional 224,183 shares in the last quarter. Palogic Value Management L.P. grew its stake in shares of Open Lending by 440.0% during the 2nd quarter. Palogic Value Management L.P. now owns 5,900,000 shares of the company’s stock worth $11,446,000 after purchasing an additional 4,807,323 shares during the period. LB Partners LLC purchased a new position in shares of Open Lending during the 2nd quarter valued at approximately $9,799,000. Portolan Capital Management LLC acquired a new position in shares of Open Lending in the 3rd quarter valued at $7,752,000. Finally, Cannell Capital LLC boosted its holdings in Open Lending by 87.1% during the second quarter. Cannell Capital LLC now owns 3,596,490 shares of the company’s stock worth $6,977,000 after buying an additional 1,674,646 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Open Lending Company Profile

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.