King Luther Capital Management Corp Buys 200,000 Shares of Open Lending Corporation (NASDAQ:LPRO)

Key Points

• King Luther Capital Management Corp doubled its stake in Open Lending Corporation, acquiring an additional 200,000 shares, bringing its total holdings to 400,000 shares valued at approximately $1.1 million.
• Open Lending's stock has seen a significant price range over the past year, with a 52-week low of $0.70 and a high of $6.92, currently trading at $2.08.
• Despite earnings missing consensus estimates, the company reported revenues surpassing expectations at $25.31 million, with analysts anticipating a modest EPS of 0.1 for the current fiscal year.

King Luther Capital Management Corp raised its holdings in shares of Open Lending Corporation (NASDAQ:LPRO - Free Report) by 100.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 400,000 shares of the company's stock after acquiring an additional 200,000 shares during the quarter. King Luther Capital Management Corp owned approximately 0.33% of Open Lending worth $1,104,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. LPL Financial LLC lifted its holdings in Open Lending by 4.2% during the 4th quarter. LPL Financial LLC now owns 82,461 shares of the company's stock valued at $492,000 after purchasing an additional 3,309 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Open Lending by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,393,519 shares of the company's stock valued at $14,293,000 after purchasing an additional 28,253 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Open Lending by 13.5% during the 4th quarter. Wells Fargo & Company MN now owns 48,896 shares of the company's stock valued at $292,000 after purchasing an additional 5,799 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Open Lending by 4.3% during the 4th quarter. Federated Hermes Inc. now owns 97,379 shares of the company's stock valued at $581,000 after purchasing an additional 4,059 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Open Lending by 1.5% during the 4th quarter. Invesco Ltd. now owns 157,318 shares of the company's stock valued at $939,000 after purchasing an additional 2,287 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Open Lending Price Performance

NASDAQ LPRO traded down $0.09 during trading on Thursday, reaching $2.07. The company's stock had a trading volume of 552,366 shares, compared to its average volume of 844,499. The stock has a market capitalization of $247.94 million, a PE ratio of -1.75 and a beta of 1.92. The company has a debt-to-equity ratio of 1.63, a current ratio of 5.67 and a quick ratio of 5.67. The firm has a fifty day moving average of $2.25 and a 200 day moving average of $2.78. Open Lending Corporation has a one year low of $0.70 and a one year high of $6.92.

Open Lending (NASDAQ:LPRO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). The business had revenue of $25.31 million during the quarter, compared to analyst estimates of $23.63 million. Analysts expect that Open Lending Corporation will post 0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on LPRO. Stephens began coverage on Open Lending in a research report on Thursday, June 12th. They set an "equal weight" rating and a $2.50 price objective on the stock. Needham & Company LLC boosted their price objective on Open Lending from $2.00 to $2.50 and gave the stock a "buy" rating in a research report on Friday, May 9th. DA Davidson reaffirmed a "buy" rating and set a $4.00 price target on shares of Open Lending in a research report on Wednesday, April 16th. Finally, Raymond James Financial reissued an "outperform" rating and set a $2.80 price objective (up previously from $2.50) on shares of Open Lending in a report on Thursday, August 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $3.10.

Open Lending Profile

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.