OppFi (NYSE:OPFI) Stock Price Down 10.3% - Here's What Happened

Key Points

• OppFi Inc. (NYSE:OPFI) saw its stock price decline by 10.3% on Tuesday, trading as low as $9.54, and experiencing a significant drop in trading volume.
• Despite the recent downturn, analysts maintain a consensus "Buy" rating for the stock, with an average price target of $13.63.
• Insider transactions revealed substantial selling activity, with one director selling over 102,000 shares valued at more than $1.1 million in August.

OppFi Inc. (NYSE:OPFI - Get Free Report) shares were down 10.3% during trading on Tuesday . The stock traded as low as $9.54 and last traded at $9.50. Approximately 1,000,748 shares were traded during trading, a decline of 34% from the average daily volume of 1,519,161 shares. The stock had previously closed at $10.60.

Analyst Upgrades and Downgrades

OPFI has been the topic of a number of recent research reports. JMP Securities upgraded shares of OppFi from a "market perform" rating to a "market outperform" rating and set a $13.50 price target on the stock in a report on Thursday, May 8th. Zacks Research raised shares of OppFi to a "strong-buy" rating in a research report on Friday, August 8th. Stephens initiated coverage on OppFi in a research report on Thursday, June 12th. They issued an "equal weight" rating and a $14.50 price target for the company. Finally, Citizens Jmp upgraded OppFi from a "market perform" rating to an "outperform" rating and set a $13.50 price target for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $13.63.

OppFi Price Performance

The company has a market capitalization of $856.04 million, a P/E ratio of -7.48 and a beta of 1.71. The stock's fifty day simple moving average is $11.89 and its 200-day simple moving average is $11.21.

OppFi (NYSE:OPFI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.15. OppFi had a positive return on equity of 53.83% and a negative net margin of 6.04%.The business had revenue of $142.44 million for the quarter, compared to analyst estimates of $141.19 million. On average, research analysts predict that OppFi Inc. will post 0.86 earnings per share for the current year.

Insider Activity

In related news, Director Theodore G. Schwartz sold 102,325 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $10.80, for a total transaction of $1,105,110.00. Following the transaction, the director owned 199,644 shares of the company's stock, valued at approximately $2,156,155.20. The trade was a 33.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christopher J. Mckay sold 9,030 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $13.41, for a total transaction of $121,092.30. Following the transaction, the insider owned 185,366 shares of the company's stock, valued at approximately $2,485,758.06. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,055,699 shares of company stock valued at $12,935,298. 72.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On OppFi

Several hedge funds have recently made changes to their positions in OPFI. Financial Management Professionals Inc. bought a new position in OppFi during the second quarter valued at about $25,000. Quarry LP acquired a new stake in shares of OppFi during the 1st quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL increased its position in shares of OppFi by 65.5% during the first quarter. Strategic Investment Solutions Inc. IL now owns 3,227 shares of the company's stock valued at $30,000 after purchasing an additional 1,277 shares during the period. GAMMA Investing LLC increased its position in shares of OppFi by 2,488.9% during the first quarter. GAMMA Investing LLC now owns 5,152 shares of the company's stock valued at $48,000 after purchasing an additional 4,953 shares during the period. Finally, Ancora Advisors LLC acquired a new position in shares of OppFi in the fourth quarter valued at $65,000. Institutional investors own 7.10% of the company's stock.

OppFi Company Profile

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.