Open Lending Corporation $LPRO Shares Bought by Price T Rowe Associates Inc. MD

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 lifted its position in shares of Open Lending Corporation (NASDAQ:LPRO - Free Report) by 9.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,901,127 shares of the company's stock after purchasing an additional 1,245,763 shares during the quarter. Price T Rowe Associates Inc. MD owned 11.61% of Open Lending worth $38,368,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP grew its stake in shares of Open Lending by 595.6% during the 1st quarter. Quantbot Technologies LP now owns 63,002 shares of the company's stock worth $174,000 after purchasing an additional 53,945 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Open Lending during the 1st quarter worth approximately $32,000. Ethos Financial Group LLC acquired a new stake in shares of Open Lending during the 1st quarter worth approximately $8,139,000. Working Capital Advisors UK Ltd. grew its stake in shares of Open Lending by 6.8% during the 1st quarter. Working Capital Advisors UK Ltd. now owns 9,753,997 shares of the company's stock worth $26,921,000 after purchasing an additional 619,060 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Open Lending during the 1st quarter worth approximately $1,093,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Open Lending Price Performance

Open Lending stock traded up $0.10 during trading on Tuesday, reaching $2.21. The company had a trading volume of 703,432 shares, compared to its average volume of 679,979. The firm's 50-day simple moving average is $2.25 and its 200 day simple moving average is $2.39. Open Lending Corporation has a 1-year low of $0.70 and a 1-year high of $6.92. The firm has a market capitalization of $261.16 million, a PE ratio of -1.87 and a beta of 1.83. The company has a debt-to-equity ratio of 1.63, a quick ratio of 5.67 and a current ratio of 5.67.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Needham & Company LLC raised their price objective 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. Raymond James Financial reissued an "outperform" rating and issued a $2.80 price target (up previously from $2.50) on shares of Open Lending in a research note on Thursday, August 7th. Finally, Stephens started coverage on shares of Open Lending in a research note on Thursday, June 12th. They issued an "equal weight" rating and a $2.50 price target on the stock. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Open Lending currently has a consensus rating of "Moderate Buy" and an average target price of $3.10.

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.