OppFi (NYSE:OPFI) Stock Price Down 5% - Here's What Happened

Shares of OppFi Inc. (NYSE:OPFI - Get Free Report) dropped 5% during mid-day trading on Friday . The company traded as low as $12.72 and last traded at $12.68. Approximately 560,796 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 1,592,787 shares. The stock had previously closed at $13.35.

Analyst Ratings Changes

OPFI has been the subject of several research analyst reports. Stephens assumed coverage on OppFi in a research note on Thursday, June 12th. They set an "equal weight" rating and a $14.50 price objective for the company. JMP Securities upgraded OppFi from a "market perform" rating to a "market outperform" rating and set a $13.50 price target for the company in a research report on Thursday, May 8th. Finally, Citizens Jmp upgraded shares of OppFi from a "market perform" rating to an "outperform" rating and set a $13.50 price objective on the stock in a research report on Thursday, May 8th.

OppFi Trading Down 2.6%

The business's fifty day moving average price is $12.80 and its 200-day moving average price is $11.18. The company has a market capitalization of $1.04 billion, a P/E ratio of -32.31 and a beta of 1.73.

OppFi (NYSE:OPFI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.12. The firm had revenue of $140.27 million during the quarter, compared to analyst estimates of $137.71 million. OppFi had a positive return on equity of 48.24% and a negative net margin of 1.79%. As a group, equities research analysts forecast that OppFi Inc. will post 0.86 EPS for the current year.

Insider Buying and Selling at OppFi

In related news, Director Gregory T. Zeeman sold 50,000 shares of OppFi stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $13.98, for a total value of $699,000.00. Following the transaction, the director owned 149,644 shares in the company, valued at $2,092,023.12. This trade represents a 25.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher J. Mckay sold 9,030 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $13.41, for a total transaction of $121,092.30. Following the completion of the sale, the insider directly owned 185,366 shares of the company's stock, valued at $2,485,758.06. This represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,188,181 shares of company stock valued at $13,929,631. Insiders own 72.00% of the company's stock.

Institutional Investors Weigh In On OppFi

Several institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its stake in OppFi by 52.6% in the 4th quarter. Renaissance Technologies LLC now owns 826,115 shares of the company's stock worth $6,328,000 after purchasing an additional 284,900 shares during the period. Marshall Wace LLP increased its stake in shares of OppFi by 249.2% in the fourth quarter. Marshall Wace LLP now owns 617,366 shares of the company's stock worth $4,729,000 after buying an additional 440,582 shares during the period. Two Sigma Investments LP increased its stake in shares of OppFi by 19.8% in the fourth quarter. Two Sigma Investments LP now owns 447,260 shares of the company's stock worth $3,426,000 after buying an additional 73,905 shares during the period. Two Sigma Advisers LP raised its holdings in OppFi by 27.9% during the 4th quarter. Two Sigma Advisers LP now owns 429,100 shares of the company's stock valued at $3,287,000 after buying an additional 93,700 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in OppFi by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 412,361 shares of the company's stock valued at $3,160,000 after buying an additional 11,239 shares during the period. 7.10% of the stock is currently owned by hedge funds and other institutional investors.

About OppFi

OppFi Inc operates a cialty finance platform that allows banks to offer credit access. Its platform facilitates the OppLoans, an installment loan product; SalaryTap, a payroll deduction secured installment loan product; and OppFi Card, a credit card product. OppFi Inc was founded in 2012 and is headquartered in Chicago, Illinois.