Open Lending (NASDAQ:LPRO) Price Target Cut to $30.00 by Analysts at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO – Get Rating) had its price objective lowered by Canaccord Genuity Group from $55.00 to $30.00 in a report released on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

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

Open Lending Price Performance

LPRO opened at $10.91 on Friday. The stock has a fifty day simple moving average of $10.90 and a two-hundred day simple moving average of $14.83. The company has a current ratio of 17.78, a quick ratio of 17.78 and a debt-to-equity ratio of 0.78. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 30.31 and a beta of 0.66. Open Lending has a 12-month low of $9.12 and a 12-month high of $42.96.

Open Lending (NASDAQ:LPRO – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $52.10 million during the quarter, compared to the consensus estimate of $48.40 million. Open Lending had a return on equity of 28.54% and a net margin of 21.02%. The firm’s quarterly revenue was down 14.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 earnings per share. Research analysts predict that Open Lending will post 0.79 earnings per share for the current fiscal year.

Institutional Trading of Open Lending

Several large investors have recently added to or reduced their stakes in LPRO. Lazard Asset Management LLC purchased a new stake in Open Lending during the fourth quarter valued at approximately $28,000. Point72 Hong Kong Ltd purchased a new stake in Open Lending during the first quarter valued at approximately $41,000. Nisa Investment Advisors LLC increased its holdings in Open Lending by 182.5% during the first quarter. Nisa Investment Advisors LLC now owns 2,260 shares of the company’s stock valued at $43,000 after buying an additional 1,460 shares during the last quarter. Carl Stuart Investment Advisor Inc. purchased a new stake in Open Lending during the first quarter valued at approximately $56,000. Finally, PNC Financial Services Group Inc. increased its holdings in Open Lending by 51.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock valued at $89,000 after buying an additional 1,591 shares during the last quarter. 86.85% of the stock is currently owned by institutional investors.

About Open Lending

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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.