Open Lending (NASDAQ:LPRO) Shares Gap Up to $4.80

Shares of Open Lending Co. (NASDAQ:LPRO) gapped up prior to trading on Wednesday . The stock had previously closed at $4.80, but opened at $4.92. Open Lending shares last traded at $4.88, with a volume of 26,759 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on LPRO shares. Raymond James restated an “outperform” rating and issued a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. JMP Securities restated a “market outperform” rating and issued a $8.00 price objective on shares of Open Lending in a research note on Tuesday, March 26th. Canaccord Genuity Group dropped their price objective on shares of Open Lending from $7.50 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, March 26th. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of Open Lending in a research note on Wednesday, February 28th. Finally, Morgan Stanley upgraded shares of Open Lending from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.07.

Open Lending Trading Down 2.7 %

The stock has a market cap of $550.41 million, a P/E ratio of 27.24 and a beta of 0.99. The company has a current ratio of 14.08, a quick ratio of 14.08 and a debt-to-equity ratio of 0.68. The business’s fifty day simple moving average is $6.71 and its 200 day simple moving average is $6.90.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Tuesday, February 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $14.90 million during the quarter, compared to the consensus estimate of $27.55 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The firm’s revenue for the quarter was down 44.4% compared to the same quarter last year. During the same period last year, the business posted ($0.03) EPS. As a group, analysts expect that Open Lending Co. will post 0.28 EPS for the current year.

Insider Activity

In other news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $7.25, for a total value of $362,500.00. Following the transaction, the director now owns 2,079,666 shares of the company’s stock, valued at approximately $15,077,578.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 150,000 shares of company stock valued at $1,110,000. 18.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LPRO. Quarry LP acquired a new position in Open Lending during the second quarter valued at approximately $29,000. Point72 Hong Kong Ltd acquired a new position in Open Lending during the first quarter valued at approximately $41,000. Envestnet Asset Management Inc. acquired a new position in Open Lending during the first quarter valued at approximately $78,000. QRG Capital Management Inc. acquired a new position in Open Lending during the third quarter valued at approximately $84,000. Finally, Tower Research Capital LLC TRC lifted its stake in Open Lending by 58.8% in the third quarter. Tower Research Capital LLC TRC now owns 10,599 shares of the company’s stock valued at $85,000 after buying an additional 3,923 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.