OppFi (NYSE:OPFI) Shares Gap Up on Better-Than-Expected Earnings

OppFi Inc. (NYSE:OPFI - Get Free Report)'s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $9.70, but opened at $10.90. OppFi shares last traded at $10.27, with a volume of 618,614 shares.

The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.12. OppFi had a return on equity of 35.04% and a net margin of 1.40%. The company had revenue of $140.27 million for the quarter, compared to the consensus estimate of $137.71 million.

OppFi Announces Dividend

The business also recently disclosed a special dividend, which was paid on Friday, April 18th. Stockholders of record on Tuesday, April 8th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, April 8th.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OPFI. Northland Securities set a $13.00 price objective on OppFi in a research note on Thursday, March 6th. JMP Securities raised OppFi from a "market perform" rating to a "market outperform" rating and set a $13.50 price objective on the stock in a research note on Thursday. Finally, Citizens Jmp raised OppFi from a "market perform" rating to an "outperform" rating and set a $13.50 price objective on the stock in a research note on Thursday.

Insider Transactions at OppFi

In related news, Director David Vennettilli sold 43,238 shares of OppFi stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $9.45, for a total transaction of $408,599.10. Following the sale, the director now owns 90,762 shares of the company's stock, valued at approximately $857,700.90. This trade represents a 32.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher J. Mckay sold 10,377 shares of OppFi stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $9.00, for a total value of $93,393.00. Following the sale, the insider now directly owns 248,175 shares in the company, valued at $2,233,575. This trade represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,027,991 shares of company stock valued at $9,489,160 over the last quarter. 84.00% of the stock is currently owned by company insiders.

Institutional Trading of OppFi

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in OppFi by 271.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,585 shares of the company's stock valued at $173,000 after purchasing an additional 26,742 shares during the period. Baader Bank Aktiengesellschaft bought a new stake in OppFi during the 4th quarter valued at approximately $195,000. Barclays PLC raised its stake in OppFi by 95.9% during the 3rd quarter. Barclays PLC now owns 42,141 shares of the company's stock valued at $199,000 after purchasing an additional 20,630 shares during the period. Bank of New York Mellon Corp raised its stake in OppFi by 22.4% during the 4th quarter. Bank of New York Mellon Corp now owns 34,156 shares of the company's stock valued at $262,000 after purchasing an additional 6,242 shares during the period. Finally, Victory Capital Management Inc. bought a new stake in OppFi during the 4th quarter valued at approximately $282,000. Institutional investors own 7.10% of the company's stock.

OppFi Stock Performance

The firm has a market cap of $1.05 billion, a PE ratio of 75.84 and a beta of 1.61. The firm has a fifty day simple moving average of $9.28 and a two-hundred day simple moving average of $9.24.

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.