Open Lending (NASDAQ:LPRO) Price Target Lowered to $2.00 at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO) had its price target decreased by equities researchers at Canaccord Genuity Group from $7.00 to $2.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 24.46% from the stock’s previous close.

Several other analysts have also issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Open Lending in a research note on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating and issued a $2.80 price target (up previously from $2.50) on shares of Open Lending in a research note on Thursday, August 7th. Citigroup reaffirmed a “market perform” rating on shares of Open Lending in a report on Wednesday. Finally, DA Davidson reaffirmed a “buy” rating and set a $4.00 price objective on shares of Open Lending in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.92.

Open Lending Stock Performance

NASDAQ LPRO traded down $0.05 on Thursday, hitting $1.61. 488,895 shares of the stock were exchanged, compared to its average volume of 1,414,522. The company has a market capitalization of $189.90 million, a PE ratio of -1.29 and a beta of 1.97. The company has a debt-to-equity ratio of 1.74, a current ratio of 5.59 and a quick ratio of 5.59. The business’s fifty day moving average is $2.00 and its 200 day moving average is $2.05. Open Lending has a 52 week low of $0.70 and a 52 week high of $6.75.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The firm had revenue of $24.17 million for the quarter, compared to analyst estimates of $22.15 million. Research analysts anticipate that Open Lending will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. R Squared Ltd purchased a new position in Open Lending during the 2nd quarter worth $28,000. Prudential Financial Inc. bought a new position in shares of Open Lending during the second quarter valued at about $28,000. Brighton Jones LLC purchased a new position in Open Lending during the second quarter worth about $30,000. Summit Securities Group LLC purchased a new position in Open Lending during the first quarter worth about $32,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Open Lending in the 2nd quarter worth about $32,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.