Open Lending (NASDAQ:LPRO) Stock Rating Reaffirmed by Raymond James

Open Lending (NASDAQ:LPRO)‘s stock had its “outperform” rating reissued by equities research analysts at Raymond James in a research note issued on Tuesday, Benzinga reports. They currently have a $8.00 price target on the stock. Raymond James’ target price would suggest a potential upside of 29.24% from the company’s previous close.

A number of other brokerages also recently weighed in on LPRO. Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of Open Lending in a research note on Wednesday, February 28th. Canaccord Genuity Group reduced their price objective on shares of Open Lending from $7.50 to $7.00 and set a “hold” rating for the company in a research report on Tuesday. JMP Securities reiterated a “market outperform” rating and set a $8.00 target price on shares of Open Lending in a research report on Tuesday. Finally, Morgan Stanley upgraded shares of Open Lending from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $4.00 to $7.00 in a report on Tuesday, February 6th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.07.

Open Lending Stock Up 1.3 %

Shares of NASDAQ LPRO opened at $6.19 on Tuesday. The stock has a 50-day moving average price of $7.34 and a two-hundred day moving average price of $7.12. The company has a market cap of $735.87 million, a price-to-earnings 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 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 announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business 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%. The company’s revenue was down 44.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) earnings per share. As a group, analysts forecast that Open Lending will post 0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $7.60, for a total value of $380,000.00. Following the transaction, the director now owns 2,129,666 shares of the company’s stock, valued at approximately $16,185,461.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 200,000 shares of company stock worth $1,501,500. Insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Algert Global LLC grew its holdings in Open Lending by 271.3% during the third quarter. Algert Global LLC now owns 339,719 shares of the company’s stock valued at $2,487,000 after purchasing an additional 248,223 shares during the period. Kestra Advisory Services LLC bought a new position in Open Lending in the third quarter valued at $1,454,000. Raymond James Trust N.A. increased its position in shares of Open Lending by 3.4% during 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. bought a new position in Open Lending during the third quarter valued at approximately $84,000. Finally, Cannell Capital LLC boosted its stake 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 valued at $12,469,000 after purchasing an additional 726,472 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other 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.