Open Lending (NASDAQ:LPRO) Price Target Cut to $6.00 by Analysts at Canaccord Genuity Group

Open Lending (NASDAQ:LPRO - Get Free Report) had its price objective reduced by investment analysts at Canaccord Genuity Group from $7.00 to $6.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a "hold" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 7.72% from the stock's previous close.

LPRO has been the subject of a number of other research reports. Needham & Company LLC dropped their price objective on Open Lending from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday. Morgan Stanley upgraded shares of Open Lending from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $4.00 to $7.00 in a research report on Tuesday, February 6th. Raymond James restated an "outperform" rating and set a $8.00 price objective on shares of Open Lending in a report on Tuesday, March 26th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $8.00 target price on shares of Open Lending in a research note on Tuesday, March 26th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $6.79.

Open Lending Trading Up 5.3 %

LPRO traded up $0.28 during mid-day trading on Wednesday, reaching $5.57. The stock had a trading volume of 720,719 shares, compared to its average volume of 456,444. The firm's fifty day simple moving average is $5.95 and its two-hundred day simple moving average is $6.74. The stock has a market capitalization of $662.16 million, a P/E ratio of 32.76 and a beta of 1.03. Open Lending has a 52 week low of $4.57 and a 52 week high of $11.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08.

Open Lending (NASDAQ:LPRO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $30.75 million during the quarter, compared to the consensus estimate of $28.65 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. Open Lending's revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 EPS. On average, equities analysts predict that Open Lending will post 0.28 EPS for the current year.

Insider Activity

In other Open Lending news, Director John Joseph Flynn sold 50,000 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.35, for a total transaction of $367,500.00. Following the completion of the transaction, 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 available through the SEC website. Corporate insiders own 15.00% of the company's stock.

Hedge Funds Weigh In On Open Lending

Several hedge funds have recently made changes to their positions in the business. Raymond James & Associates grew its position in Open Lending by 9.7% in the third quarter. Raymond James & Associates now owns 793,558 shares of the company's stock valued at $5,809,000 after purchasing an additional 69,913 shares in the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in shares of Open Lending by 11.2% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 1,528,850 shares of the company's stock valued at $11,191,000 after acquiring an additional 153,499 shares in the last quarter. Gilbert & Cook Inc. acquired a new stake in shares of Open Lending in the third quarter valued at about $92,000. Olympiad Research LP bought a new stake in Open Lending during the third quarter worth about $193,000. Finally, Principal Financial Group Inc. boosted its position in Open Lending by 30.5% during the third quarter. Principal Financial Group Inc. now owns 40,467 shares of the company's stock valued at $296,000 after purchasing an additional 9,454 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.