Price T Rowe Associates Inc. MD Grows Stake in Open Lending Corporation $LPRO

Key Points

• Price T Rowe Associates Inc. increased its stake in Open Lending Corporation by 9.8%, owning approximately 11.61% of the company, valued at $38.37 million as of the latest reporting period.
• Wall Street analysts are optimistic about Open Lending, with a consensus price target of $3.10 and three analysts rating the stock as a "buy."
• Open Lending Corporation recently reported a revenue of $25.31 million for the quarter, surpassing expectations, although it missed the earnings per share estimate.

Price T Rowe Associates Inc. MD grew its holdings in Open Lending Corporation (NASDAQ:LPRO - Free Report) by 9.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 13,901,127 shares of the company's stock after acquiring an additional 1,245,763 shares during the quarter. Price T Rowe Associates Inc. MD owned about 11.61% of Open Lending worth $38,368,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LPRO. Summit Securities Group LLC purchased a new position in shares of Open Lending in the 1st quarter valued at about $32,000. Teacher Retirement System of Texas purchased a new position in Open Lending during the 1st quarter worth approximately $41,000. Aigen Investment Management LP purchased a new position in Open Lending during the 1st quarter worth approximately $60,000. Harrell Investment Partners LLC purchased a new position in Open Lending during the 1st quarter worth approximately $62,000. Finally, XTX Topco Ltd purchased a new position in Open Lending during the 1st quarter worth approximately $76,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on LPRO shares. Stephens started coverage on Open Lending in a research note on Thursday, June 12th. They set an "equal weight" rating and a $2.50 price target on the stock. Needham & Company LLC raised their price target on 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 restated an "outperform" rating and set a $2.80 price target (up previously from $2.50) on shares of Open Lending in a research note on Thursday, August 7th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $3.10.

Open Lending Trading Down 1.4%

Shares of LPRO stock opened at $2.09 on Thursday. The business's 50 day moving average is $2.24 and its two-hundred day moving average is $2.52. Open Lending Corporation has a twelve month low of $0.70 and a twelve month high of $6.92. The company has a market capitalization of $246.98 million, a P/E ratio of -1.77 and a beta of 1.92. The company has a current ratio of 5.67, a quick ratio of 5.67 and a debt-to-equity ratio of 1.63.

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 the consensus estimate of $0.02 by ($0.01). The business had revenue of $25.31 million during the quarter, compared to the consensus estimate of $23.63 million. Equities analysts forecast that Open Lending Corporation will post 0.1 EPS for the current year.

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.

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