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

Open Lending (NASDAQ:LPRO) had its price objective reduced by analysts at Needham & Company LLC from $8.00 to $7.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 21.74% from the company’s previous close.

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

Open Lending Price Performance

LPRO opened at $5.75 on Wednesday. The firm has a market cap of $683.54 million, a PE ratio of 52.27 and a beta of 1.03. The stock has a 50-day moving average price of $5.91 and a 200-day moving average price of $6.73. Open Lending has a 1 year low of $4.57 and a 1 year high of $11.99. The company has a debt-to-equity ratio of 0.68, a current ratio of 14.08 and a quick ratio of 14.08.

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

Insiders Place Their Bets

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.35, for a total transaction of $367,500.00. Following the completion of the sale, the director now directly owns 1,993,762 shares of the company’s stock, valued at $14,654,150.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Open Lending

Several institutional investors and hedge funds have recently bought and sold shares of the stock. QRG Capital Management Inc. bought a new position in shares of Open Lending in the third quarter worth about $84,000. Gilbert & Cook Inc. bought a new stake in Open Lending during the 3rd quarter worth approximately $92,000. Austin Wealth Management LLC purchased a new position in Open Lending during the third quarter valued at approximately $114,000. Victory Capital Management Inc. boosted its position in shares of Open Lending by 27.3% in the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after purchasing an additional 2,971 shares during the period. Finally, Aigen Investment Management LP bought a new position in shares of Open Lending in the fourth quarter worth approximately $121,000. 78.06% of the stock is currently owned by hedge funds and other 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.