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. The firm currently has a hold rating on the stock.

Several other research analysts also recently commented on LPRO. Morgan Stanley upgraded Open Lending from an underweight rating to an equal weight rating and raised their target price for the stock from $4.00 to $7.00 in a research note on Tuesday, February 6th. JMP Securities raised their target price on Open Lending from $7.00 to $9.00 and gave the stock a market outperform rating in a research note on Friday, January 12th. Finally, Needham & Company LLC restated a buy rating and issued a $8.00 target price 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. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $7.07.

Open Lending Stock Up 1.1 %

LPRO stock opened at $6.26 on Tuesday. 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 company has a market capitalization of $744.19 million, a price-to-earnings 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 stock has a fifty day moving average of $7.32 and a 200-day moving average of $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 the consensus estimate of $0.05 by ($0.09). Open Lending had a return on equity of 10.45% and a net margin of 18.79%. The firm had revenue of $14.90 million for the quarter, compared to the consensus estimate of $27.55 million. During the same quarter in the previous year, the company posted ($0.03) EPS. The firm’s revenue was down 44.4% compared to the same quarter last year. As a group, equities research analysts predict that Open Lending will post 0.28 earnings per share for the current year.

Insider Buying and Selling at Open Lending

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $7.60, for a total value of $380,000.00. Following the sale, the director now owns 2,129,666 shares of the company’s stock, valued at approximately $16,185,461.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 200,000 shares of company stock valued at $1,501,500 in the last 90 days. Corporate insiders own 18.30% of the company’s stock.

Institutional Trading of Open Lending

Several institutional investors and hedge funds have recently modified their holdings of LPRO. Point72 Hong Kong Ltd purchased a new position in shares of Open Lending during the 1st quarter valued at about $41,000. Quarry LP purchased a new position in shares of Open Lending during the 2nd quarter valued at about $29,000. PNC Financial Services Group Inc. raised its holdings in shares of Open Lending by 51.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock valued at $89,000 after buying an additional 1,591 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in shares of Open Lending during the 2nd quarter valued at about $108,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Open Lending by 58.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 10,599 shares of the company’s stock valued at $85,000 after buying an additional 3,923 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.