OppFi (NYSE:OPFI) Shares Gap Up Following Earnings Beat

Key Points

• Shares of OppFi Inc. jumped from a previous close of $9.99 to an opening of $11.80 following a quarterly earnings report that surpassed analysts' expectations with an EPS of $0.45.
• The company has recently seen increased analyst ratings, with Stephens setting an "equal weight" rating and a $14.50 price target, while JMP Securities upgraded the stock to "market outperform" with a $13.50 target price.
• In insider activity, Directors sold significant shares recently, with two insiders selling over 240,000 shares combined, potentially indicating a shift in their investment positions.

Shares of OppFi Inc. (NYSE:OPFI - Get Free Report) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.99, but opened at $11.80. OppFi shares last traded at $11.53, with a volume of 1,242,162 shares changing hands.

The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.15. OppFi had a negative net margin of 1.79% and a positive return on equity of 48.24%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on OPFI shares. Stephens started coverage on shares of OppFi in a research report on Thursday, June 12th. They set an "equal weight" rating and a $14.50 price target on the stock. JMP Securities raised shares of OppFi from a "market perform" rating to a "market outperform" rating and set a $13.50 target price on the stock in a report on Thursday, May 8th. Finally, Citizens Jmp raised shares of OppFi from a "market perform" rating to an "outperform" rating and set a $13.50 target price on the stock in a report on Thursday, May 8th.

Insider Activity

In other OppFi news, Director Gregory T. Zeeman sold 50,000 shares of the firm's stock in a transaction dated 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 directly owned 149,644 shares of the company's stock, valued at $2,092,023.12. This trade represents a 25.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theodore G. Schwartz sold 190,349 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $12.87, for a total transaction of $2,449,791.63. Following the completion of the transaction, the director directly owned 199,644 shares in the company, valued at approximately $2,569,418.28. This represents a 48.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,240,080 shares of company stock worth $15,334,334. Insiders own 72.00% of the company's stock.

Institutional Investors Weigh In On OppFi

A number of hedge funds have recently made changes to their positions in OPFI. Marshall Wace LLP boosted its stake in shares of OppFi by 249.2% in the 4th quarter. Marshall Wace LLP now owns 617,366 shares of the company's stock valued at $4,729,000 after purchasing an additional 440,582 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of OppFi by 52.6% in the 4th quarter. Renaissance Technologies LLC now owns 826,115 shares of the company's stock valued at $6,328,000 after purchasing an additional 284,900 shares in the last quarter. Trexquant Investment LP boosted its stake in shares of OppFi by 232.4% in the 1st quarter. Trexquant Investment LP now owns 392,333 shares of the company's stock valued at $3,649,000 after purchasing an additional 274,318 shares in the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of OppFi by 310.7% in the 4th quarter. Tudor Investment Corp ET AL now owns 276,331 shares of the company's stock valued at $2,117,000 after purchasing an additional 209,045 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of OppFi by 1,745.7% in the 4th quarter. Bank of America Corp DE now owns 206,317 shares of the company's stock valued at $1,580,000 after purchasing an additional 195,139 shares in the last quarter. 7.10% of the stock is currently owned by institutional investors and hedge funds.

OppFi Trading Up 11.9%

The business's 50 day moving average price is $12.63 and its two-hundred day moving average price is $11.43. The company has a market capitalization of $970.45 million, a price-to-earnings ratio of -30.21 and a beta of 1.71.

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.

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