Kornitzer Capital Management Inc. KS Sells 551,760 Shares of Open Lending Co. (NASDAQ:LPRO)

Kornitzer Capital Management Inc. KS trimmed its holdings in Open Lending Co. (NASDAQ:LPRO - Free Report) by 37.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 918,040 shares of the company's stock after selling 551,760 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.77% of Open Lending worth $5,618,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. EVR Research LP purchased a new stake in Open Lending during the second quarter valued at about $2,758,000. King Luther Capital Management Corp purchased a new stake in Open Lending during the second quarter valued at about $558,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Open Lending by 10.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 230,974 shares of the company's stock valued at $1,446,000 after buying an additional 22,139 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Open Lending by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,756,601 shares of the company's stock valued at $67,337,000 after buying an additional 51,276 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its position in shares of Open Lending by 24.0% in the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company's stock worth $81,000 after purchasing an additional 2,824 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Needham & Company LLC reissued a "hold" rating on shares of Open Lending in a research report on Wednesday, October 2nd. DA Davidson reduced their price target on shares of Open Lending from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Monday, August 12th. Morgan Stanley dropped their price objective on Open Lending from $6.00 to $5.00 and set an "equal weight" rating on the stock in a report on Friday, August 9th. Finally, JMP Securities dropped their price objective on Open Lending from $8.00 to $7.00 and set a "market outperform" rating on the stock in a report on Friday, August 9th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $6.56.

Open Lending Stock Performance

Shares of Open Lending stock traded down $0.85 during midday trading on Friday, hitting $5.90. The company had a trading volume of 787,515 shares, compared to its average volume of 427,250. The business's 50 day simple moving average is $5.80 and its two-hundred day simple moving average is $5.82. The stock has a market cap of $703.58 million, a PE ratio of 146.79 and a beta of 1.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 13.32 and a quick ratio of 13.32. Open Lending Co. has a 1-year low of $4.57 and a 1-year high of $8.70.

Open Lending (NASDAQ:LPRO - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $26.73 million during the quarter, compared to analyst estimates of $31.03 million. Open Lending had a return on equity of 2.90% and a net margin of 6.25%. The company's revenue was down 29.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 EPS. As a group, equities analysts predict that Open Lending Co. will post 0.18 EPS 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.