Shares of Open Lending Co. (NASDAQ:LPRO – Get Free Report) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $8.02, but opened at $6.49. Open Lending shares last traded at $7.25, with a volume of 103,490 shares.
The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $14.90 million for the quarter, compared to the consensus estimate of $27.55 million. Open Lending had a return on equity of 10.66% and a net margin of 17.57%. The business’s quarterly revenue was down 44.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) EPS.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. Raymond James decreased their target price on shares of Open Lending from $12.00 to $8.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 8th. TheStreet lowered shares of Open Lending from a “c” rating to a “d+” rating in a report on Monday, November 20th. Canaccord Genuity Group lowered shares of Open Lending from a “buy” rating to a “hold” rating and dropped their target price for the company from $20.00 to $5.50 in a report on Wednesday, November 8th. JMP Securities upped their price objective on shares of Open Lending from $7.00 to $9.00 and gave the company a “market outperform” rating in a report on Friday, January 12th. Finally, Canaccord Genuity Group reiterated a “hold” rating and set a $5.50 price objective (down previously from $20.00) on shares of Open Lending in a report on Wednesday, November 8th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.00.
Insider Transactions at Open Lending
In other news, Director John Joseph Flynn sold 50,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $7.25, for a total transaction of $362,500.00. Following the completion of the sale, the director now directly owns 2,079,666 shares of the company’s stock, valued at $15,077,578.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 200,000 shares of company stock valued at $1,549,500 over the last three months. Corporate insiders own 17.10% of the company’s stock.
Institutional Investors Weigh In On Open Lending
A number of institutional investors have recently added to or reduced their stakes in LPRO. Quarry LP purchased a new position in Open Lending in the second quarter valued at about $29,000. Point72 Hong Kong Ltd purchased a new position in Open Lending in the first quarter valued at about $41,000. Envestnet Asset Management Inc. purchased a new position in Open Lending in the first quarter valued at about $78,000. QRG Capital Management Inc. purchased a new position in Open Lending in the third quarter valued at about $84,000. Finally, Tower Research Capital LLC TRC boosted its stake in Open Lending by 58.8% in the third quarter. Tower Research Capital LLC TRC now owns 10,599 shares of the company’s stock valued at $85,000 after acquiring an additional 3,923 shares during the last quarter. 88.87% of the stock is owned by institutional investors.
Open Lending Trading Down 5.4 %
The company has a debt-to-equity ratio of 0.66, a current ratio of 14.71 and a quick ratio of 14.71. The stock has a market capitalization of $908.90 million, a PE ratio of 44.56 and a beta of 1.02. The stock’s 50 day simple moving average is $7.79 and its two-hundred day simple moving average is $7.32.
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. It 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.