Open Lending Co. (NASDAQ:LPRO – Get Free Report) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 3,290,000 shares, a decrease of 12.0% from the October 15th total of 3,740,000 shares. Currently, 3.3% of the shares of the stock are sold short. Based on an average daily volume of 594,900 shares, the days-to-cover ratio is currently 5.5 days.
Analyst Ratings Changes
Several analysts have issued reports on LPRO shares. Canaccord Genuity Group lowered Open Lending from a “buy” rating to a “hold” rating and cut their target price for the stock from $20.00 to $5.50 in a research note on Wednesday, November 8th. Morgan Stanley decreased their target price on shares of Open Lending from $6.00 to $4.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 8th. Raymond James cut their price target on shares of Open Lending from $12.00 to $8.00 and set an “outperform” rating for the company in a research report on Wednesday, November 8th. Stephens decreased their price objective on Open Lending from $9.00 to $6.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 8th. Finally, JMP Securities lowered their target price on Open Lending from $11.00 to $10.00 and set a “market outperform” rating for the company in a research note on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Open Lending presently has an average rating of “Hold” and an average target price of $7.44.
Insider Transactions at Open Lending
Hedge Funds Weigh In On Open Lending
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can bought a new stake in Open Lending during the 2nd quarter valued at approximately $709,000. Kestrel Investment Management Corp bought a new stake in shares of Open Lending during the first quarter valued at approximately $3,686,000. Los Angeles Capital Management LLC purchased a new stake in Open Lending in the second quarter worth $724,000. Royce & Associates LP bought a new position in Open Lending in the second quarter worth $1,360,000. Finally, Wasatch Advisors LP lifted its position in Open Lending by 0.8% during the first quarter. Wasatch Advisors LP now owns 17,184,721 shares of the company’s stock valued at $120,980,000 after buying an additional 137,563 shares during the period. Hedge funds and other institutional investors own 88.87% of the company’s stock.
Open Lending Trading Up 0.3 %
LPRO traded up $0.02 during midday trading on Friday, reaching $5.91. 413,737 shares of the company’s stock traded hands, compared to its average volume of 729,457. The stock has a market capitalization of $713.34 million, a price-to-earnings ratio of 32.72 and a beta of 0.89. Open Lending has a 52 week low of $4.89 and a 52 week high of $11.99. The firm has a fifty day moving average of $6.76 and a two-hundred day moving average of $8.69. The company has a debt-to-equity ratio of 0.66, a current ratio of 14.71 and a quick ratio of 14.71.
Open Lending (NASDAQ:LPRO – Get Free Report) last announced its earnings results on Tuesday, November 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.05). The business had revenue of $26.01 million for the quarter, compared to the consensus estimate of $32.87 million. Open Lending had a net margin of 17.57% and a return on equity of 10.66%. Open Lending’s revenue was down 48.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. On average, equities analysts anticipate that Open Lending will post 0.29 earnings per share for the current fiscal year.
Open Lending Company Profile
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. It 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.
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