Open Lending (NASDAQ:LPRO) Posts Earnings Results, Meets Expectations

Open Lending (NASDAQ:LPROGet Rating) issued its quarterly earnings results on Thursday. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18, Briefing.com reports. The business had revenue of $52.10 million during the quarter, compared to analyst estimates of $48.40 million. Open Lending had a net margin of 44.00% and a return on equity of 37.93%. The business’s revenue was down 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Open Lending updated its FY 2022 guidance to EPS.

Open Lending Price Performance

NASDAQ LPRO traded up $0.07 on Friday, reaching $10.91. The company’s stock had a trading volume of 1,809,006 shares, compared to its average volume of 866,205. Open Lending has a twelve month low of $9.12 and a twelve month high of $42.96. The company has a debt-to-equity ratio of 0.78, a quick ratio of 17.78 and a current ratio of 17.78. The stock has a market cap of $1.38 billion, a PE ratio of 13.99 and a beta of 0.66. The firm’s 50 day moving average is $10.90 and its two-hundred day moving average is $14.83.

Institutional Investors Weigh In On Open Lending

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new stake in Open Lending during the 1st quarter worth about $41,000. PNC Financial Services Group Inc. raised its holdings in Open Lending by 51.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock worth $89,000 after buying an additional 1,591 shares during the period. Envestnet Asset Management Inc. raised its holdings in Open Lending by 14.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 14,993 shares of the company’s stock worth $153,000 after buying an additional 1,913 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Open Lending during the 1st quarter worth about $192,000. Finally, Prudential Financial Inc. acquired a new stake in Open Lending during the 1st quarter worth about $240,000. 86.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Canaccord Genuity Group lowered their target price on shares of Open Lending from $55.00 to $30.00 and set a “buy” rating for the company in a research note on Friday. William Blair reaffirmed an “outperform” rating on shares of Open Lending in a report on Friday, May 6th. Raymond James reduced their price objective on shares of Open Lending from $30.00 to $22.00 in a report on Friday, May 6th. JMP Securities reduced their price objective on shares of Open Lending from $28.00 to $17.00 and set a “market outperform” rating for the company in a report on Wednesday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Open Lending from $18.00 to $16.00 in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.63.

About Open Lending

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Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, and non-bank auto finance companies and captive finance companies of original equipment manufacturers in the United States. It offers Lenders Protection Program (LPP), which is a Software as a Service platform that facilitates loan decision making and automated underwriting by third-party lenders and the issuance of credit default insurance through third-party insurance providers.

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Earnings History for Open Lending (NASDAQ:LPRO)

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