Analysts Set Open Lending Co. (NASDAQ:LPRO) Price Target at $6.56

Shares of Open Lending Co. (NASDAQ:LPRO) have received a consensus recommendation of “Hold” from the nine ratings firms that are covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $6.56.

A number of research analysts have recently weighed in on LPRO shares. JMP Securities cut their price objective on Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research report on Friday, August 9th. BTIG Research assumed coverage on Open Lending in a research report on Friday, June 7th. They set a “neutral” rating for the company. DA Davidson dropped their price target on Open Lending from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Needham & Company LLC lowered Open Lending from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Finally, Morgan Stanley dropped their price target on Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC purchased a new position in shares of Open Lending during the second quarter valued at approximately $33,000. SlateStone Wealth LLC purchased a new position in shares of Open Lending during the second quarter valued at approximately $70,000. QRG Capital Management Inc. raised its stake in shares of Open Lending by 24.0% during the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock valued at $81,000 after acquiring an additional 2,824 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Open Lending during the second quarter valued at approximately $110,000. Finally, SkyView Investment Advisors LLC raised its stake in shares of Open Lending by 100.0% during the second quarter. SkyView Investment Advisors LLC now owns 20,000 shares of the company’s stock valued at $112,000 after acquiring an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Open Lending Stock Down 1.6 %

LPRO opened at $5.51 on Thursday. The company has a market capitalization of $656.60 million, a PE ratio of 50.09 and a beta of 1.12. The firm has a 50-day simple moving average of $5.71 and a two-hundred day simple moving average of $5.89. The company has a quick ratio of 13.32, a current ratio of 13.32 and a debt-to-equity ratio of 0.63. Open Lending has a 52 week low of $4.57 and a 52 week high of $8.70.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The firm had revenue of $26.73 million for the quarter, compared to analysts’ expectations of $31.03 million. Open Lending had a net margin of 6.25% and a return on equity of 2.90%. The company’s revenue for the quarter was down 29.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. Analysts forecast that Open Lending will post 0.18 earnings per share for the current fiscal year.

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.