Open Lending Corporation (NASDAQ:LPRO) Short Interest Update

Key Points

• Short interest fell sharply: Open Lending’s short interest declined 38.1% to 2.07 million shares as of July 15, representing 2.0% of shares outstanding and just 0.8 days to cover.
• Shares reached a 52-week high of $3.15 after rising 0.2%, while the company’s latest quarterly results slightly missed analysts’ earnings expectations despite revenue exceeding estimates.
• Analyst sentiment remains cautious: The stock has a consensus “Hold” rating and a $2.77 target price, while institutional investors collectively own 78.06% of the company.

Open Lending Corporation (NASDAQ:LPRO - Get Free Report) was the target of a significant drop in short interest in the month of July. As of July 15th, there was short interest totaling 2,067,834 shares, a drop of 38.1% from the June 30th total of 3,342,444 shares. Currently, 2.0% of the company's stock are short sold. Based on an average daily volume of 2,643,906 shares, the days-to-cover ratio is presently 0.8 days.

Open Lending Stock Up 0.2%

Shares of NASDAQ LPRO traded up $0.01 during trading hours on Thursday, hitting $3.15. The stock had a trading volume of 1,018,701 shares, compared to its average volume of 2,132,950. The company has a market capitalization of $370.10 million, a P/E ratio of -78.62 and a beta of 2.19. The firm's 50-day moving average price is $2.79 and its two-hundred day moving average price is $2.02. Open Lending has a 52 week low of $1.17 and a 52 week high of $3.15. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.44 and a current ratio of 4.44.

Open Lending (NASDAQ:LPRO - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.00) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.01). The business had revenue of $20.49 million for the quarter, compared to the consensus estimate of $20.41 million. Open Lending had a negative net margin of 5.95% and a positive return on equity of 7.53%. Analysts anticipate that Open Lending will post 0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on LPRO. DA Davidson reiterated a "neutral" rating and issued a $3.15 price objective (up from $3.00) on shares of Open Lending in a research note on Friday, June 26th. Wall Street Zen lowered shares of Open Lending from a "hold" rating to a "sell" rating in a research note on Sunday, June 14th. Northland Securities set a $3.15 price target on shares of Open Lending in a report on Wednesday, June 17th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Open Lending in a research note on Tuesday, June 9th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2.77.

Institutional Investors Weigh In On Open Lending

Institutional investors and hedge funds have recently modified their holdings of the business. Wasatch Advisors LP raised its holdings in Open Lending by 11.3% during the first quarter. Wasatch Advisors LP now owns 7,054,107 shares of the company's stock valued at $8,818,000 after buying an additional 716,509 shares in the last quarter. Whetstone Capital Advisors LLC boosted its stake in shares of Open Lending by 34.0% during the 4th quarter. Whetstone Capital Advisors LLC now owns 6,014,667 shares of the company's stock worth $9,323,000 after acquiring an additional 1,525,926 shares in the last quarter. LB Partners LLC increased its holdings in shares of Open Lending by 2.9% during the 1st quarter. LB Partners LLC now owns 5,400,841 shares of the company's stock valued at $6,751,000 after acquiring an additional 150,000 shares during the last quarter. Cannell Capital LLC increased its holdings in shares of Open Lending by 87.1% during the 2nd quarter. Cannell Capital LLC now owns 3,596,490 shares of the company's stock valued at $6,977,000 after acquiring an additional 1,674,646 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Open Lending by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,564,948 shares of the company's stock valued at $4,977,000 after acquiring an additional 98,515 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Open Lending Company Profile

Open Lending Corporation is a financial technology company specializing in risk analytics and automated loan decisioning for the automotive finance industry. Through its proprietary platform, Open Lending enables banks, credit unions and finance companies to enhance underwriting accuracy, manage risk more effectively and streamline the loan origination process. The company's solutions leverage machine learning and big-data analytics to deliver credit-based pricing models that help lenders optimize portfolio performance and reduce losses.

The core offerings of Open Lending include an automated underwriting engine, risk-based pricing tools and performance analytics dashboards.

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