Open Lending (NASDAQ:LPRO) Price Target Raised to $2.50 at Needham & Company LLC

Open Lending (NASDAQ:LPRO - Get Free Report) had its price objective boosted by equities researchers at Needham & Company LLC from $2.00 to $2.50 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 23.76% from the stock's previous close.

Other research analysts have also recently issued research reports about the company. Citizens Jmp initiated coverage on Open Lending in a research report on Friday, April 4th. They issued a "market perform" rating on the stock. Jefferies Financial Group lowered Open Lending from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $8.00 to $3.70 in a research report on Thursday, March 20th. Finally, DA Davidson reissued a "buy" rating and set a $4.00 target price on shares of Open Lending in a research report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $4.44.

Open Lending Trading Up 1.0%

Shares of NASDAQ LPRO traded up $0.02 during midday trading on Friday, reaching $2.02. 1,755,242 shares of the stock were exchanged, compared to its average volume of 1,029,552. The company has a market capitalization of $241.96 million, a price-to-earnings ratio of 67.33 and a beta of 1.79. Open Lending has a 12 month low of $0.70 and a 12 month high of $6.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 9.42 and a quick ratio of 9.42. The business has a 50-day simple moving average of $2.02 and a two-hundred day simple moving average of $4.49.

Open Lending (NASDAQ:LPRO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.01 earnings per share for the quarter, meeting analysts' consensus estimates of $0.01. The firm had revenue of $24.39 million during the quarter, compared to the consensus estimate of $24.78 million. Open Lending had a return on equity of 2.15% and a net margin of 4.78%. As a group, equities research analysts expect that Open Lending will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Open Lending

A number of large investors have recently added to or reduced their stakes in LPRO. Price T Rowe Associates Inc. MD raised its holdings in Open Lending by 9.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,901,127 shares of the company's stock worth $38,368,000 after purchasing an additional 1,245,763 shares in the last quarter. 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 valued at $174,000 after acquiring an additional 53,945 shares during the period. Summit Securities Group LLC purchased a new position in Open Lending in the 1st quarter worth approximately $32,000. Ethos Financial Group LLC bought a new stake in Open Lending in the 1st quarter worth approximately $8,139,000. Finally, Working Capital Advisors UK Ltd. lifted its stake in shares of Open Lending by 6.8% in the 1st quarter. Working Capital Advisors UK Ltd. now owns 9,753,997 shares of the company's stock valued at $26,921,000 after purchasing an additional 619,060 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

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.