Open Lending (NASDAQ:LPRO) Shares Gap Down on Analyst Downgrade

Open Lending Co. (NASDAQ:LPRO – Get Rating) shares gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $55.00 to $30.00. The stock had previously closed at $10.84, but opened at $9.66. Canaccord Genuity Group currently has a buy rating on the stock. Open Lending shares last traded at $10.48, with a volume of 15,197 shares.

Other equities research analysts have also issued reports about the company. William Blair reiterated an “outperform” rating on shares of Open Lending in a report on Friday, May 6th. Deutsche Bank Aktiengesellschaft reduced their price target on Open Lending from $18.00 to $16.00 in a report on Thursday, July 28th. Morgan Stanley lowered Open Lending from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $14.00 to $8.00 in a report on Wednesday. Stephens lowered Open Lending from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $13.00 in a report on Friday. Finally, JMP Securities reduced their target price on Open Lending from $28.00 to $17.00 and set a “market outperform” rating for the company in a report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.63.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LPRO. Allspring Global Investments Holdings LLC bought a new stake in shares of Open Lending during the fourth quarter valued at approximately $3,603,000. State of New Jersey Common Pension Fund D increased its position in shares of Open Lending by 28.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 104,799 shares of the company’s stock valued at $2,356,000 after purchasing an additional 23,489 shares during the period. Raymond James Trust NA increased its position in shares of Open Lending by 40.9% during the fourth quarter. Raymond James Trust NA now owns 24,336 shares of the company’s stock valued at $547,000 after purchasing an additional 7,070 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Open Lending by 46.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,800 shares of the company’s stock valued at $265,000 after purchasing an additional 3,727 shares during the period. Finally, Valmark Advisers Inc. increased its position in shares of Open Lending by 3.7% during the fourth quarter. Valmark Advisers Inc. now owns 15,279 shares of the company’s stock valued at $343,000 after purchasing an additional 548 shares during the period. 86.85% of the stock is owned by institutional investors.

Open Lending Trading Down 0.6%

The firm has a market capitalization of $1.36 billion, a P/E ratio of 13.85 and a beta of 0.66. The company has a quick ratio of 17.78, a current ratio of 17.78 and a debt-to-equity ratio of 0.78. The business has a 50-day moving average price of $10.94 and a 200-day moving average price of $14.88.

Open Lending (NASDAQ:LPRO – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The business had revenue of $52.10 million for the quarter, compared to analysts’ expectations of $48.40 million. Open Lending had a return on equity of 37.93% and a net margin of 44.00%. Open Lending’s quarterly revenue was down 14.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 earnings per share. Analysts anticipate that Open Lending Co. will post 0.79 earnings per share for the current year.

Open Lending Company Profile

(Get Rating)

Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, and non-bank auto finance companies and captive finance companies of original equipment manufacturers in the United States. It offers Lenders Protection Program (LPP), which is a Software as a Service platform that facilitates loan decision making and automated underwriting by third-party lenders and the issuance of credit default insurance through third-party insurance providers.

Recommended Stories

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Should you invest $1,000 in Open Lending right now?

Before you consider Open Lending, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Open Lending wasn’t on the list.

While Open Lending currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View the 5 stocks here

.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker