Open Lending (NASDAQ:LPRO) Hits New 1-Year Low at $4.86

Shares of Open Lending Co. (NASDAQ:LPRO - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $4.86 and last traded at $4.86, with a volume of 21468 shares traded. The stock had previously closed at $4.91.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LPRO shares. Needham & Company LLC reissued a "buy" rating and set a $8.00 price objective on shares of Open Lending in a research report on Wednesday, February 28th. Morgan Stanley raised shares of Open Lending from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. JMP Securities reissued a "market outperform" rating and set a $8.00 price objective on shares of Open Lending in a research report on Tuesday, March 26th. Canaccord Genuity Group lowered their price objective on shares of Open Lending from $7.50 to $7.00 and set a "hold" rating for the company in a research report on Tuesday, March 26th. Finally, Raymond James restated an "outperform" rating and set a $8.00 target price on shares of Open Lending in a report on Tuesday, March 26th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Open Lending presently has a consensus rating of "Hold" and an average price target of $7.07.

Open Lending Trading Down 2.2 %

The stock has a market cap of $570.62 million, a price-to-earnings ratio of 28.24 and a beta of 0.99. 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 business's 50 day simple moving average is $6.81 and its 200 day simple moving average is $6.93.

Open Lending (NASDAQ:LPRO - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The firm had revenue of $14.90 million during the quarter, compared to analyst estimates of $27.55 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The business's revenue was down 44.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) EPS. On average, research analysts expect that Open Lending Co. will post 0.28 EPS for the current fiscal year.

Insider Transactions at Open Lending

In other news, Director John Joseph Flynn sold 50,000 shares of the firm's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $7.35, for a total transaction of $367,500.00. Following the completion of the sale, the director now owns 1,993,762 shares in the company, valued at approximately $14,654,150.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 150,000 shares of company stock worth $1,110,000. 17.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Open Lending

A number of hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. increased its holdings in Open Lending by 35.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,080 shares of the company's stock valued at $247,000 after buying an additional 3,405 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Open Lending by 13.8% during the 1st quarter. JPMorgan Chase & Co. now owns 99,128 shares of the company's stock valued at $1,874,000 after purchasing an additional 11,996 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Open Lending by 8.6% during the 1st quarter. Bank of New York Mellon Corp now owns 442,326 shares of the company's stock valued at $8,364,000 after purchasing an additional 35,025 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Open Lending by 51.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company's stock valued at $89,000 after purchasing an additional 1,591 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Open Lending by 55.1% during the 1st quarter. MetLife Investment Management LLC now owns 58,727 shares of the company's stock valued at $1,111,000 after purchasing an additional 20,870 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Open Lending Company 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.