Northland Capmk Comments on Open Lending Co.’s Q2 2024 Earnings (NASDAQ:LPRO)

Open Lending Co. (NASDAQ:LPRO) – Northland Capmk reduced their Q2 2024 EPS estimates for shares of Open Lending in a research note issued on Wednesday, May 8th. Northland Capmk analyst M. Grondahl now expects that the company will earn $0.06 per share for the quarter, down from their prior estimate of $0.07. The consensus estimate for Open Lending’s current full-year earnings is $0.28 per share. Northland Capmk also issued estimates for Open Lending’s Q3 2024 earnings at $0.06 EPS and FY2024 earnings at $0.23 EPS.

Open Lending (NASDAQ:LPRO) last released its earnings results on Tuesday, May 7th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The firm’s revenue for the quarter was down 19.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 earnings per share.

A number of other research firms have also issued reports on LPRO. Canaccord Genuity Group cut their price target on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday. JMP Securities restated a “market outperform” rating and set a $8.00 price objective on shares of Open Lending in a research report on Tuesday, March 26th. Needham & Company LLC reduced their price target on shares of Open Lending from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. Raymond James reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Open Lending in a research report on Tuesday, March 26th. Finally, Morgan Stanley upgraded shares of Open Lending from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.79.

Open Lending Trading Up 3.2 %

NASDAQ:LPRO opened at $5.75 on Thursday. The stock has a fifty day simple moving average of $5.91 and a 200 day simple moving average of $6.73. The company has a quick ratio of 14.08, a current ratio of 14.08 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $683.54 million, a price-to-earnings ratio of 52.27 and a beta of 1.03. Open Lending has a 1-year low of $4.57 and a 1-year high of $11.99.

Institutional Trading of Open Lending

Several large investors have recently made changes to their positions in LPRO. QRG Capital Management Inc. acquired a new stake in Open Lending in the 3rd quarter worth approximately $84,000. Gilbert & Cook Inc. acquired a new stake in shares of Open Lending in the third quarter worth $92,000. Austin Wealth Management LLC bought a new stake in shares of Open Lending during the 3rd quarter worth $114,000. Victory Capital Management Inc. boosted its holdings in shares of Open Lending by 27.3% during the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after buying an additional 2,971 shares during the period. Finally, Aigen Investment Management LP acquired a new position in Open Lending in the 4th quarter valued at $121,000. Institutional investors own 78.06% of the company’s stock.

Insider Buying and Selling at Open Lending

In other news, Director John Joseph Flynn sold 50,000 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.35, for a total transaction of $367,500.00. Following the transaction, the director now owns 1,993,762 shares in the company, valued at approximately $14,654,150.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 15.00% of the company’s stock.

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.