JMP Securities Reiterates Market Outperform Rating for Open Lending (NASDAQ:LPRO)

Open Lending (NASDAQ:LPRO)‘s stock had its “market outperform” rating reaffirmed by equities researchers at JMP Securities in a report issued on Tuesday, Benzinga reports. They presently have a $8.00 price target on the stock. JMP Securities’ target price would suggest a potential upside of 29.24% from the company’s current price.

A number of other analysts have also recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $8.00 price target on shares of Open Lending in a research report on Wednesday, February 28th. Morgan Stanley upgraded Open Lending from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $4.00 to $7.00 in a research note on Tuesday, February 6th. Finally, Canaccord Genuity Group decreased their target price on Open Lending from $7.50 to $7.00 and set a “hold” rating on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.07.

Open Lending Stock Up 1.3 %

Shares of LPRO opened at $6.19 on Tuesday. The firm has a market cap of $735.87 million, a P/E ratio of 36.41 and a beta of 1.01. Open Lending has a 12 month low of $4.89 and a 12 month high of $11.99. The stock’s 50 day moving average is $7.34 and its two-hundred day moving average is $7.12. The company has a current ratio of 14.08, a quick ratio of 14.08 and a debt-to-equity ratio of 0.68.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) earnings per share (EPS) 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 net margin of 18.79% and a return on equity of 10.45%. Open Lending’s revenue was down 44.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) EPS. Analysts predict that Open Lending will post 0.28 earnings per share for the current fiscal year.

Insider Activity at Open Lending

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $7.60, for a total transaction of $380,000.00. Following the transaction, the director now owns 2,129,666 shares of the company’s stock, valued at $16,185,461.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 200,000 shares of company stock valued at $1,501,500. 17.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Open Lending

Several institutional investors and hedge funds have recently bought and sold shares of LPRO. Algert Global LLC lifted its holdings in Open Lending by 271.3% in the third quarter. Algert Global LLC now owns 339,719 shares of the company’s stock valued at $2,487,000 after acquiring an additional 248,223 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Open Lending in the third quarter valued at $1,454,000. Raymond James Trust N.A. lifted its stake in shares of Open Lending by 3.4% in the 4th quarter. Raymond James Trust N.A. now owns 107,314 shares of the company’s stock valued at $913,000 after purchasing an additional 3,556 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Open Lending during the 3rd quarter worth $84,000. Finally, Cannell Capital LLC increased its position in shares of Open Lending by 74.4% during the 3rd quarter. Cannell Capital LLC now owns 1,703,402 shares of the company’s stock worth $12,469,000 after purchasing an additional 726,472 shares during the last quarter. 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.