Open Lending (NASDAQ:LPRO) Trading Up 8.8% - Still a Buy?

Open Lending Co. (NASDAQ:LPRO - Get Free Report) shot up 8.8% on Tuesday . The company traded as high as $6.32 and last traded at $6.32. 165,427 shares changed hands during trading, a decline of 60% from the average session volume of 413,838 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

Separately, Needham & Company LLC reiterated a "hold" rating on shares of Open Lending in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Open Lending presently has an average rating of "Hold" and an average price target of $6.83.

Open Lending Stock Up 12.9 %

The stock has a fifty day moving average of $6.03 and a 200-day moving average of $5.91. The firm has a market capitalization of $782.94 million, a price-to-earnings ratio of 218.67, a PEG ratio of 2.64 and a beta of 1.16. The company has a current ratio of 9.42, a quick ratio of 9.42 and a debt-to-equity ratio of 0.61.

Institutional Trading of Open Lending

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of Open Lending by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 386,306 shares of the company's stock valued at $2,156,000 after acquiring an additional 41,792 shares during the period. SlateStone Wealth LLC purchased a new stake in shares of Open Lending during the second quarter worth $70,000. Arizona State Retirement System boosted its position in Open Lending by 32.2% during the second quarter. Arizona State Retirement System now owns 28,288 shares of the company's stock valued at $158,000 after purchasing an additional 6,896 shares during the last quarter. Federated Hermes Inc. grew its stake in Open Lending by 9.2% in the second quarter. Federated Hermes Inc. now owns 95,418 shares of the company's stock valued at $532,000 after purchasing an additional 8,010 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Open Lending by 48.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 108,951 shares of the company's stock worth $608,000 after purchasing an additional 35,435 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.