OppFi (NYSE:OPFI) Shares Up 11.6% - Here's What Happened

OppFi Inc. (NYSE:OPFI - Get Free Report)'s share price shot up 11.6% on Wednesday . The company traded as high as $8.38 and last traded at $8.06. 2,628,395 shares traded hands during mid-day trading, an increase of 64% from the average session volume of 1,607,059 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

Separately, Northland Securities upped their price objective on OppFi from $8.00 to $10.00 and gave the stock an "outperform" rating in a report on Friday, December 13th.

OppFi Price Performance

The company has a market capitalization of $704.34 million, a price-to-earnings ratio of 51.07 and a beta of 1.45. The firm's 50-day simple moving average is $7.15 and its two-hundred day simple moving average is $5.30.

Insider Buying and Selling

In other news, Director Jocelyn Moore sold 23,149 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $6.70, for a total transaction of $155,098.30. Following the completion of the transaction, the director now directly owns 99,072 shares of the company's stock, valued at $663,782.40. This trade represents a 18.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Vennettilli sold 100,000 shares of OppFi stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $6.45, for a total value of $645,000.00. Following the transaction, the director now owns 143,825 shares of the company's stock, valued at $927,671.25. This represents a 41.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 145,450 shares of company stock worth $971,370 in the last quarter. Company insiders own 84.00% of the company's stock.

Institutional Trading of OppFi

A number of large investors have recently made changes to their positions in the stock. Segall Bryant & Hamill LLC purchased a new position in OppFi in the 3rd quarter valued at about $2,457,000. Los Angeles Capital Management LLC acquired a new position in shares of OppFi in the third quarter valued at approximately $355,000. Marshall Wace LLP lifted its stake in shares of OppFi by 24.2% during the second quarter. Marshall Wace LLP now owns 171,318 shares of the company's stock valued at $581,000 after buying an additional 33,347 shares during the period. XTX Topco Ltd acquired a new stake in OppFi during the third quarter worth approximately $136,000. Finally, JPMorgan Chase & Co. boosted its position in OppFi by 271.7% during the third quarter. JPMorgan Chase & Co. now owns 36,585 shares of the company's stock worth $173,000 after acquiring an additional 26,742 shares during the last quarter. Institutional investors and hedge funds own 7.10% of the company's stock.

OppFi Company Profile

OppFi Inc operates a cialty finance platform that allows banks to offer credit access. Its platform facilitates the OppLoans, an installment loan product; SalaryTap, a payroll deduction secured installment loan product; and OppFi Card, a credit card product. OppFi Inc was founded in 2012 and is headquartered in Chicago, Illinois.