Needham & Company LLC Upgrades Open Lending (NASDAQ:LPRO) to Buy

Open Lending (NASDAQ:LPRO) was upgraded by stock analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a report issued on Wednesday, MarketBeat.com reports. The firm currently has a $7.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 9.89% from the stock’s current price.

Open Lending Trading Up 1.1 %

LPRO stock opened at $6.37 on Wednesday. The company has a quick ratio of 9.42, a current ratio of 9.42 and a debt-to-equity ratio of 0.61. The company has a market cap of $760.26 million, a price-to-earnings ratio of 212.33 and a beta of 1.16. The business has a fifty day simple moving average of $5.80 and a 200-day simple moving average of $5.82. Open Lending has a 52 week low of $4.57 and a 52 week high of $8.43.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). The firm had revenue of $23.48 million for the quarter, compared to analyst estimates of $29.46 million. Open Lending had a return on equity of 2.15% and a net margin of 4.78%. During the same quarter in the prior year, the company earned $0.02 earnings per share. On average, equities research analysts expect that Open Lending will post 0.1 EPS for the current year.

Institutional Investors Weigh In On Open Lending

Several institutional investors have recently bought and sold shares of LPRO. R Squared Ltd acquired a new position in shares of Open Lending during the 4th quarter valued at $25,000. Cubist Systematic Strategies LLC purchased a new position in Open Lending in the second quarter valued at about $33,000. Blue Trust Inc. lifted its stake in shares of Open Lending by 208.2% during the third quarter. Blue Trust Inc. now owns 10,500 shares of the company’s stock worth $59,000 after purchasing an additional 7,093 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Open Lending in the third quarter worth about $68,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Open Lending in the third quarter valued at about $91,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

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.