DA Davidson Has Lowered Expectations for Open Lending (NASDAQ:LPRO) Stock Price

Open Lending (NASDAQ:LPRO) had its price objective cut by equities research analysts at DA Davidson from $8.00 to $4.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price target points to a potential upside of 241.88% from the stock’s current price.

LPRO has been the subject of several other reports. Jefferies Financial Group cut shares of Open Lending from a “buy” rating to a “hold” rating and decreased their price target for the company from $8.00 to $3.70 in a research report on Thursday, March 20th. Needham & Company LLC decreased their price objective on Open Lending from $7.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.62.

Open Lending Price Performance

Shares of LPRO opened at $1.17 on Wednesday. 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 cap of $139.64 million, a PE ratio of 39.00 and a beta of 1.25. Open Lending has a 12-month low of $1.12 and a 12-month high of $6.97. The business has a 50-day simple moving average of $4.82 and a two-hundred day simple moving average of $5.52.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Monday, March 31st. The company reported ($1.21) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($1.23). The firm had revenue of $24.23 million for the quarter, compared to the consensus estimate of $24.03 million. Open Lending had a return on equity of 2.15% and a net margin of 4.78%. During the same quarter last year, the firm posted ($0.04) earnings per share. Analysts anticipate that Open Lending will post 0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Lending

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wasatch Advisors LP raised its position in shares of Open Lending by 0.6% in the 4th quarter. Wasatch Advisors LP now owns 16,736,229 shares of the company’s stock worth $99,915,000 after acquiring an additional 105,449 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Open Lending by 7.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,655,364 shares of the company’s stock worth $75,554,000 after purchasing an additional 920,630 shares during the period. Vanguard Group Inc. increased its holdings in Open Lending by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 10,178,916 shares of the company’s stock worth $60,768,000 after purchasing an additional 160,617 shares in the last quarter. State Street Corp lifted its stake in Open Lending by 2.6% in the third quarter. State Street Corp now owns 2,545,783 shares of the company’s stock valued at $15,580,000 after buying an additional 63,450 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Open Lending by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,393,519 shares of the company’s stock valued at $14,293,000 after buying an additional 28,253 shares during the period. Institutional investors and hedge funds 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.