Needham & Company LLC Upgrades Open Lending (NASDAQ:LPRO) to "Buy"

Open Lending (NASDAQ:LPRO - Get Free Report) was upgraded by equities researchers at Needham & Company LLC from a "hold" rating to a "buy" rating in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has a $7.00 price target on the stock. Needham & Company LLC's price target would suggest a potential upside of 11.11% from the company's previous close.

Open Lending Stock Performance

NASDAQ LPRO traded up $0.66 on Wednesday, hitting $6.30. 1,268,958 shares of the company's stock traded hands, compared to its average volume of 339,505. The firm has a market capitalization of $751.91 million, a PE ratio of 210.00 and a beta of 1.16. Open Lending has a 1-year low of $4.57 and a 1-year high of $8.43. The firm's 50-day moving average price is $5.79 and its two-hundred day moving average price is $5.82. The company has a current ratio of 9.42, a quick ratio of 9.42 and a debt-to-equity ratio of 0.61.

Open Lending (NASDAQ:LPRO - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations 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 previous year, the company posted $0.02 earnings per share. As a group, analysts expect that Open Lending will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Open Lending

Large investors have recently made changes to their positions in the company. R Squared Ltd acquired a new position in shares of Open Lending during the 4th quarter worth approximately $25,000. Cubist Systematic Strategies LLC acquired a new position in Open Lending during the second quarter worth $33,000. Blue Trust Inc. lifted its holdings in Open Lending by 208.2% during the third quarter. Blue Trust Inc. now owns 10,500 shares of the company's stock valued at $59,000 after purchasing an additional 7,093 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in shares of Open Lending in the third quarter valued at about $68,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Open Lending during the third quarter worth about $91,000. 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.