Open Lending (NASDAQ:LPRO) Shares Gap Up – Should You Buy?

Open Lending Co. (NASDAQ:LPRO)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $5.64, but opened at $5.99. Open Lending shares last traded at $6.37, with a volume of 132,311 shares trading hands.

Analysts Set New Price Targets

Separately, Needham & Company LLC upgraded Open Lending from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.83.

Open Lending Price Performance

The company has a market capitalization of $762.65 million, a PE ratio of 213.43 and a beta of 1.16. The company has a current ratio of 9.42, a quick ratio of 9.42 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average price is $5.79 and its 200-day moving average price is $5.82.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Thursday, November 7th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $23.48 million during the quarter, compared to analysts’ expectations of $29.46 million. Open Lending had a return on equity of 2.15% and a net margin of 4.78%. During the same period in the previous year, the company earned $0.02 EPS. On average, sell-side analysts forecast that Open Lending Co. will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Lending

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. lifted its position in shares of Open Lending by 9.4% during the second quarter. Sei Investments Co. now owns 532,852 shares of the company’s stock worth $2,973,000 after purchasing an additional 45,959 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Open Lending during the 2nd quarter worth approximately $33,000. The Manufacturers Life Insurance Company grew its position in shares of Open Lending by 6.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,152 shares of the company’s stock worth $230,000 after acquiring an additional 2,631 shares in the last quarter. Algert Global LLC raised its position in shares of Open Lending by 3.7% during the 2nd quarter. Algert Global LLC now owns 398,913 shares of the company’s stock valued at $2,226,000 after acquiring an additional 14,191 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Open Lending during the second quarter worth $110,000. 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.