Open Lending (NASDAQ:LPRO) Trading 6.4% Higher – Here’s What Happened

Open Lending Co. (NASDAQ:LPRO)’s share price traded up 6.4% during trading on Tuesday . The stock traded as high as $5.55 and last traded at $5.59. 114,711 shares traded hands during trading, a decline of 59% from the average session volume of 279,987 shares. The stock had previously closed at $5.25.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Open Lending in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.83.

Open Lending Trading Up 7.4 %

The company has a quick ratio of 9.42, a current ratio of 9.42 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $673.13 million, a P/E ratio of 188.00 and a beta of 1.16. The firm’s 50-day simple moving average is $5.80 and its 200 day simple moving average is $5.82.

Open Lending (NASDAQ:LPRO) last released its earnings results on Thursday, November 7th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). The business had revenue of $23.48 million for the quarter, compared to analyst estimates of $29.46 million. Open Lending had a net margin of 4.78% and a return on equity of 2.15%. During the same period in the prior year, the company earned $0.02 earnings per share. Equities research analysts anticipate that Open Lending Co. will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Lending

Hedge funds have recently modified their holdings of the stock. Sei Investments Co. boosted its position in shares of Open Lending by 9.4% in the 2nd quarter. Sei Investments Co. now owns 532,852 shares of the company’s stock valued at $2,973,000 after purchasing an additional 45,959 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Open Lending during the second quarter valued at about $33,000. The Manufacturers Life Insurance Company increased its position in shares of Open Lending by 6.8% in the second quarter. The Manufacturers Life Insurance Company now owns 41,152 shares of the company’s stock worth $230,000 after acquiring an additional 2,631 shares in the last quarter. SkyView Investment Advisors LLC raised its holdings 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 during the period. Finally, Algert Global LLC lifted its position in shares of Open Lending by 3.7% in the 2nd quarter. Algert Global LLC now owns 398,913 shares of the company’s stock valued at $2,226,000 after acquiring an additional 14,191 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.