Open Lending (NASDAQ:LPRO) Trading Up 7.2%

Shares of Open Lending Co. (NASDAQ:LPRO - Get Free Report) shot up 7.2% on Friday . The stock traded as high as $6.58 and last traded at $6.57. 75,974 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 442,379 shares. The stock had previously closed at $6.13.

Wall Street Analysts Forecast Growth

LPRO has been the topic of several research analyst reports. Needham & Company LLC cut shares of Open Lending from a "buy" rating to a "hold" rating in a research note on Monday, July 22nd. JMP Securities dropped their target price 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. Morgan Stanley decreased their price target on Open Lending from $6.00 to $5.00 and set an "equal weight" rating for the company in a research note on Friday, August 9th. DA Davidson dropped their price objective on Open Lending from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Finally, BTIG Research began coverage on Open Lending in a report on Friday, June 7th. They set a "neutral" rating on the stock. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $6.56.

Open Lending Stock Up 6.0 %

The business's 50 day simple moving average is $5.71 and its 200 day simple moving average is $5.85. The company has a market capitalization of $774.57 million, a PE ratio of 59.27 and a beta of 1.12. 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 (NASDAQ:LPRO - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.03). The firm 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 for the quarter was down 29.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. As a group, analysts forecast that Open Lending Co. will post 0.18 EPS for the current year.

Hedge Funds Weigh In On Open Lending

Several institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC acquired a new stake in shares of Open Lending during the second quarter worth approximately $33,000. SlateStone Wealth LLC acquired a new stake in shares of Open Lending during the 2nd quarter valued at $70,000. QRG Capital Management Inc. grew its holdings in shares of Open Lending by 24.0% during the 2nd 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. acquired a new position in shares of Open Lending in the second quarter worth $110,000. Finally, SkyView Investment Advisors LLC increased its position in Open Lending by 100.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 20,000 shares of the company's stock worth $112,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors 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.

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