Open Lending Co. (NASDAQ:LPRO) Receives $6.56 Average Price Target from Analysts

Shares of Open Lending Co. (NASDAQ:LPRO - Get Free Report) have received an average recommendation of "Hold" from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $6.56.

LPRO has been the topic of a number of research analyst reports. Morgan Stanley cut their price target on shares of Open Lending from $6.00 to $5.00 and set an "equal weight" rating on the stock in a report on Friday, August 9th. DA Davidson reduced their target price on shares of Open Lending from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Monday, August 12th. Needham & Company LLC reiterated a "hold" rating on shares of Open Lending in a report on Wednesday, October 2nd. 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 research note on Friday, August 9th.

Hedge Funds Weigh In On Open Lending

Several institutional investors and hedge funds have recently added to or reduced their stakes in LPRO. The Manufacturers Life Insurance Company boosted its holdings in shares of Open Lending by 6.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,152 shares of the company's stock valued at $230,000 after buying an additional 2,631 shares in the last quarter. QRG Capital Management Inc. increased its position 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 worth $81,000 after purchasing an additional 2,824 shares in the last quarter. Dean Capital Management lifted its holdings in shares of Open Lending by 17.6% during the 4th quarter. Dean Capital Management now owns 33,119 shares of the company's stock valued at $282,000 after purchasing an additional 4,950 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Open Lending by 25.0% in the 4th quarter. Chicago Partners Investment Group LLC now owns 25,000 shares of the company's stock worth $213,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Open Lending during the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Open Lending Trading Down 1.0 %

Shares of LPRO stock traded down $0.06 during trading hours on Monday, reaching $5.82. 195,400 shares of the stock were exchanged, compared to its average volume of 437,659. The company has a current ratio of 13.32, a quick ratio of 13.32 and a debt-to-equity ratio of 0.63. Open Lending has a 12-month low of $4.57 and a 12-month high of $8.70. The firm has a market capitalization of $693.54 million, a price-to-earnings ratio of 52.91 and a beta of 1.12. The company's 50-day moving average price is $5.70 and its 200-day moving average price is $5.80.

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