Open Lending Co. (NASDAQ:LPRO) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in shares of Open Lending Co. (NASDAQ:LPRO) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,498 shares of the company’s stock after selling 2,021 shares during the period. Rhumbline Advisers owned approximately 0.12% of Open Lending worth $801,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in LPRO. Cannell Capital LLC boosted its position in shares of Open Lending by 55.4% during the fourth quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock worth $22,525,000 after buying an additional 943,429 shares during the period. Working Capital Advisors UK Ltd. boosted its position in shares of Open Lending by 10.2% during the fourth quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock worth $60,323,000 after buying an additional 658,240 shares during the period. Wasatch Advisors LP boosted its position in shares of Open Lending by 3.5% during the first quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock worth $100,749,000 after buying an additional 546,166 shares during the period. G2 Investment Partners Management LLC acquired a new position in shares of Open Lending during the fourth quarter worth approximately $1,702,000. Finally, Palogic Value Management L.P. boosted its position in shares of Open Lending by 81.8% during the fourth quarter. Palogic Value Management L.P. now owns 400,000 shares of the company’s stock worth $3,404,000 after buying an additional 180,000 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LPRO. DA Davidson cut their target price on Open Lending from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Morgan Stanley cut their target price on Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. BTIG Research began coverage on Open Lending in a research report on Friday, June 7th. They issued a “neutral” rating for the company. JMP Securities cut their target price on Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research report on Friday, August 9th. Finally, Needham & Company LLC downgraded Open Lending from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Open Lending presently has a consensus rating of “Hold” and an average target price of $6.56.

Open Lending Stock Performance

LPRO opened at $5.96 on Tuesday. The firm has a market cap of $710.22 million, a PE ratio of 54.18 and a beta of 1.12. The company has a quick ratio of 13.32, a current ratio of 13.32 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $5.74 and a 200-day simple moving average of $5.86. Open Lending Co. has a fifty-two week low of $4.57 and a fifty-two week high of $8.70.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $26.73 million for the quarter, compared to the consensus estimate of $31.03 million. Open Lending had a return on equity of 2.90% and a net margin of 6.25%. The business’s revenue was down 29.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 earnings per share. As a group, equities analysts predict that Open Lending Co. will post 0.18 EPS for the current fiscal year.

Open Lending Company Profile

Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, finance companies, and captive finance companies of automakers in the United States. The company offers Lenders Protection Program (LPP), which is a cloud-based automotive lending platform that provides loan analytics solutions and automated issuance of credit default insurance with third-party insurance providers.