Raymond James & Associates reduced its stake in Open Lending Co. (NASDAQ:LPRO – Get Rating) by 12.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 517,876 shares of the company’s stock after selling 73,626 shares during the quarter. Raymond James & Associates owned about 0.41% of Open Lending worth $4,164,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wasatch Advisors Inc. lifted its stake in shares of Open Lending by 3.8% in the first quarter. Wasatch Advisors Inc. now owns 16,690,164 shares of the company’s stock worth $315,611,000 after acquiring an additional 603,411 shares during the period. Vanguard Group Inc. lifted its stake in Open Lending by 9.3% in the first quarter. Vanguard Group Inc. now owns 9,887,343 shares of the company’s stock valued at $186,970,000 after buying an additional 838,752 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Open Lending by 55.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 6,399,688 shares of the company’s stock valued at $65,469,000 after buying an additional 2,277,806 shares during the period. Villere ST Denis J & Co. LLC lifted its stake in Open Lending by 1.2% in the second quarter. Villere ST Denis J & Co. LLC now owns 2,577,084 shares of the company’s stock valued at $26,363,000 after buying an additional 31,707 shares during the period. Finally, State Street Corp lifted its stake in Open Lending by 1.5% in the second quarter. State Street Corp now owns 2,356,052 shares of the company’s stock valued at $24,102,000 after buying an additional 34,566 shares during the period. 91.43% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have issued reports on LPRO shares. Deutsche Bank Aktiengesellschaft dropped their price target on Open Lending from $16.00 to $10.00 in a research note on Monday, November 7th. Morgan Stanley lowered their target price on Open Lending from $7.00 to $5.50 and set an “underweight” rating on the stock in a research report on Wednesday, October 19th. Needham & Company LLC lowered their target price on Open Lending from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 4th. JMP Securities lowered their target price on Open Lending from $14.00 to $10.00 and set a “market outperform” rating on the stock in a research report on Friday, November 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of Open Lending in a research report on Friday, September 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $15.61.
Open Lending Trading Up 0.5 %
Open Lending (NASDAQ:LPRO – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.04. The business had revenue of $50.66 million during the quarter, compared to the consensus estimate of $44.58 million. Open Lending had a return on equity of 50.39% and a net margin of 48.26%. On average, sell-side analysts anticipate that Open Lending Co. will post 0.67 earnings per share for the current fiscal year.
About Open Lending
Open Lending Corporation provides lending enablement and risk analytics solutions to credit unions, regional banks, and non-bank auto finance companies and captive finance companies of original equipment manufacturers in the United States. It offers Lenders Protection Program (LPP), which is a Software as a Service platform that facilitates loan decision making and automated underwriting by third-party lenders and the issuance of credit default insurance through third-party insurance providers.
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