Open Lending (NASDAQ:LPRO) Price Target Lowered to $7.00 at Needham & Company LLC

Open Lending (NASDAQ:LPRO) had its price target decreased by Needham & Company LLC from $8.00 to $7.00 in a research note released on Wednesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research firms also recently issued reports on LPRO. Canaccord Genuity Group dropped their price target on Open Lending from $7.50 to $7.00 and set a hold rating on the stock in a research note on Tuesday, March 26th. Morgan Stanley upgraded Open Lending from an underweight rating to an equal weight rating and boosted their target price for the company from $4.00 to $7.00 in a research note on Tuesday, February 6th. Raymond James reaffirmed an outperform rating and set a $8.00 price target on shares of Open Lending in a research note on Tuesday, March 26th. Finally, JMP Securities restated a market outperform rating and set a $8.00 target price on shares of Open Lending in a report on Tuesday, March 26th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Open Lending has an average rating of Hold and an average target price of $6.79.

Open Lending Price Performance

Shares of LPRO opened at $5.57 on Wednesday. The stock has a 50 day simple moving average of $5.95 and a 200 day simple moving average of $6.74. Open Lending has a 52-week low of $4.57 and a 52-week high of $11.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08. The firm has a market capitalization of $662.16 million, a PE ratio of 32.76 and a beta of 1.03.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The company had revenue of $30.75 million during the quarter, compared to analyst estimates of $28.65 million. During the same quarter last year, the company earned $0.10 EPS. The firm’s quarterly revenue was down 19.9% compared to the same quarter last year. Sell-side analysts predict that Open Lending will post 0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of Open Lending stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.35, for a total value of $367,500.00. Following the completion of the transaction, the director now directly owns 1,993,762 shares of the company’s stock, valued at approximately $14,654,150.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 15.00% of the company’s stock.

Institutional Trading of Open Lending

Several institutional investors and hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. acquired a new position in shares of Open Lending during the third quarter worth $84,000. Gilbert & Cook Inc. acquired a new position in shares of Open Lending in the third quarter valued at approximately $92,000. Victory Capital Management Inc. boosted its position in Open Lending by 27.3% during the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after buying an additional 2,971 shares during the period. Aigen Investment Management LP bought a new stake in Open Lending during the 4th quarter worth approximately $121,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Open Lending by 15.9% during the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after acquiring an additional 2,090 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Open Lending Company Profile

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.