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 boosted its stake in shares of Open Lending Corporation (NASDAQ:LPRO - Free Report) by 100.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 400,000 shares of the company's stock after buying an additional 200,000 shares during the period. King Luther Capital Management Corp owned approximately 0.33% of Open Lending worth $1,104,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Open Lending by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,655,364 shares of the company's stock worth $75,554,000 after acquiring an additional 920,630 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Open Lending during the 4th quarter worth approximately $4,326,000. Wasatch Advisors LP grew its stake in shares of Open Lending by 0.6% during the 4th quarter. Wasatch Advisors LP now owns 16,736,229 shares of the company's stock worth $99,915,000 after acquiring an additional 105,449 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Open Lending by 13.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 855,481 shares of the company's stock worth $2,361,000 after acquiring an additional 103,084 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Open Lending by 10.9% during the 4th quarter. Northern Trust Corp now owns 970,663 shares of the company's stock worth $5,795,000 after acquiring an additional 95,723 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Open Lending Stock Down 0.5%

Shares of NASDAQ:LPRO traded down $0.01 during midday trading on Friday, hitting $2.06. The stock had a trading volume of 426,811 shares, compared to its average volume of 808,786. Open Lending Corporation has a 12 month low of $0.70 and a 12 month high of $6.92. The company has a quick ratio of 5.67, a current ratio of 5.67 and a debt-to-equity ratio of 1.63. The business's 50-day simple moving average is $2.25 and its 200-day simple moving average is $2.73. The company has a market cap of $246.75 million, a P/E ratio of -1.75 and a beta of 1.92.

Open Lending (NASDAQ:LPRO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). The company had revenue of $25.31 million for the quarter, compared to analyst estimates of $23.63 million. On average, sell-side analysts forecast that Open Lending Corporation will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LPRO. Stephens began coverage on shares of Open Lending in a research note on Thursday, June 12th. They set an "equal weight" rating and a $2.50 price target for the company. Needham & Company LLC raised their price target on shares of Open Lending from $2.00 to $2.50 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $2.80 price target (up from $2.50) on shares of Open Lending in a research note on Thursday, August 7th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company 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.