Zacks Investment Research upgraded shares of Open Lending (NASDAQ:LPRO) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The brokerage currently has $40.00 price target on the stock.
According to Zacks, “Open Lending LLC, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling and default insurance, ensuring profitable auto loan portfolios for financial institutions. Open Lending LLC, formerly known as Nebula Acquisition Corporation, is based in AUSTIN, Texas. “
Several other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Open Lending from $35.00 to $50.00 in a report on Monday, December 14th. ValuEngine upgraded Open Lending from a sell rating to a hold rating in a report on Thursday, October 1st. DA Davidson assumed coverage on Open Lending in a report on Wednesday, September 23rd. They set a buy rating and a $29.00 price objective on the stock. BidaskClub upgraded Open Lending from a buy rating to a strong-buy rating in a report on Thursday, December 10th. Finally, B. Riley assumed coverage on Open Lending in a report on Friday, November 13th. They issued a neutral rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $35.30.
Open Lending (NASDAQ:LPRO) last posted its quarterly earnings data on Sunday, November 15th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.10. The company had revenue of $29.76 million for the quarter, compared to analyst estimates of $26.20 million. Equities analysts predict that Open Lending will post 0.34 earnings per share for the current fiscal year.
In related news, insider John Joseph Flynn sold 460,061 shares of the stock in a transaction that occurred on Monday, December 14th. The stock was sold at an average price of $26.88, for a total value of $12,366,439.68. Following the transaction, the insider now owns 3,799,662 shares in the company, valued at $102,134,914.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Nebula Holdings Llc sold 4,413,671 shares of the stock in a transaction that occurred on Monday, December 14th. The stock was sold at an average price of $26.88, for a total value of $118,639,476.48. The disclosure for this sale can be found here. Insiders sold 9,709,479 shares of company stock worth $260,990,796 in the last 90 days. 20.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Raymond James & Associates boosted its position in Open Lending by 3.3% during the third quarter. Raymond James & Associates now owns 32,362 shares of the company’s stock worth $825,000 after purchasing an additional 1,030 shares during the period. Westwood Holdings Group Inc. boosted its position in Open Lending by 16.9% during the third quarter. Westwood Holdings Group Inc. now owns 22,851 shares of the company’s stock worth $583,000 after purchasing an additional 3,298 shares during the period. Jefferies Group LLC bought a new stake in Open Lending during the third quarter worth approximately $255,000. Squarepoint Ops LLC bought a new stake in Open Lending during the third quarter worth approximately $266,000. Finally, Paloma Partners Management Co bought a new stake in Open Lending during the third quarter worth approximately $273,000. 23.53% 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 financial institutions in the United States. The company, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling, and default insurance, ensuring profitable auto loan portfolios for financial institutions.
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