Open Lending (NASDAQ:LPRO) Shares Gap Down – Here’s What Happened

Open Lending Co. (NASDAQ:LPRO) gapped down prior to trading on Friday . The stock had previously closed at $6.75, but opened at $6.13. Open Lending shares last traded at $5.90, with a volume of 57,004 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on LPRO shares. Morgan Stanley reduced their target price on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Needham & Company LLC restated a “hold” rating on shares of Open Lending in a report on Wednesday, October 2nd. DA Davidson lowered their target price on Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, JMP Securities reduced their price target 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. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.83.

Open Lending Price Performance

The company has a current ratio of 13.32, a quick ratio of 13.32 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $703.58 million, a price-to-earnings ratio of 147.54 and a beta of 1.13. The company’s 50 day moving average is $5.81 and its 200-day moving average is $5.83.

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

Institutional Investors Weigh In On Open Lending

Hedge funds have recently added to or reduced their stakes in the business. EVR Research LP bought a new position in shares of Open Lending in the second quarter valued at about $2,758,000. King Luther Capital Management Corp acquired a new position in Open Lending in the 2nd quarter valued at about $558,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Open Lending by 10.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 230,974 shares of the company’s stock valued at $1,446,000 after acquiring an additional 22,139 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Open Lending by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,756,601 shares of the company’s stock worth $67,337,000 after acquiring an additional 51,276 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in shares of Open Lending by 24.0% during the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock worth $81,000 after acquiring an additional 2,824 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

About Open Lending

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.