Canaccord Genuity Group Lowers Open Lending (NASDAQ:LPRO) Price Target to $7.00

Open Lending (NASDAQ:LPRO) had its price target dropped by Canaccord Genuity Group from $7.50 to $7.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 13.09% from the company’s previous close.

Several other equities research analysts have also recently commented on the company. JMP Securities boosted their price target on Open Lending from $7.00 to $9.00 and gave the company a “market outperform” rating in a research note on Friday, January 12th. Morgan Stanley raised shares of Open Lending from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $8.00 price target on shares of Open Lending in a report on Wednesday, February 28th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.07.

Open Lending Stock Up 1.3 %

Open Lending stock opened at $6.19 on Tuesday. Open Lending has a twelve month low of $4.89 and a twelve month high of $11.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08. The firm has a market cap of $735.87 million, a PE ratio of 36.41 and a beta of 1.01. The firm’s 50 day moving average price is $7.34 and its two-hundred day moving average price is $7.12.

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

Insider Transactions at Open Lending

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $7.60, for a total transaction of $380,000.00. Following the completion of the sale, the director now directly owns 2,129,666 shares in the company, valued at $16,185,461.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 200,000 shares of company stock worth $1,501,500. 17.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Wasatch Advisors Inc. boosted its position in shares of Open Lending by 3.8% in the first quarter. Wasatch Advisors Inc. now owns 16,690,164 shares of the company’s stock valued at $315,611,000 after acquiring an additional 603,411 shares during the period. Price T Rowe Associates Inc. MD increased its position in Open Lending by 11.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,297,740 shares of the company’s stock worth $86,577,000 after acquiring an additional 1,272,366 shares during the period. Vanguard Group Inc. raised its stake in Open Lending by 9.3% during the 1st quarter. Vanguard Group Inc. now owns 9,887,343 shares of the company’s stock valued at $186,970,000 after purchasing an additional 838,752 shares during the last quarter. BlackRock Inc. boosted its holdings in Open Lending by 11.9% in the 3rd quarter. BlackRock Inc. now owns 7,609,797 shares of the company’s stock valued at $61,182,000 after purchasing an additional 807,200 shares during the period. Finally, Working Capital Advisors UK Ltd. grew its position in Open Lending by 10.2% in the 4th quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock worth $60,323,000 after purchasing an additional 658,240 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

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.