Open Lending Co. (NASDAQ:LPRO) to Post Q2 2024 Earnings of $0.06 Per Share, Northland Capmk Forecasts

Open Lending Co. (NASDAQ:LPRO) – Stock analysts at Northland Capmk reduced their Q2 2024 EPS estimates for shares of Open Lending in a research note issued on Wednesday, May 8th. Northland Capmk analyst M. Grondahl now expects that the company will earn $0.06 per share for the quarter, down from their previous forecast of $0.07. The consensus estimate for Open Lending’s current full-year earnings is $0.28 per share. Northland Capmk also issued estimates for Open Lending’s Q3 2024 earnings at $0.06 EPS and FY2024 earnings at $0.23 EPS.

Open Lending (NASDAQ:LPRO) last announced its earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $30.75 million for the quarter, compared to analyst estimates of $28.65 million. Open Lending had a return on equity of 10.45% and a net margin of 18.79%. Open Lending’s revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 earnings per share.

Several other equities analysts have also issued reports on the company. Canaccord Genuity Group cut their price target on Open Lending from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday. Needham & Company LLC lowered their price target on shares of Open Lending from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. Raymond James restated an “outperform” rating and issued a $8.00 price objective on shares of Open Lending in a report on Tuesday, March 26th. JMP Securities reiterated a “market outperform” rating and set a $8.00 target price on shares of Open Lending in a research report on Tuesday, March 26th. Finally, Morgan Stanley upgraded Open Lending from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $4.00 to $7.00 in a research report on Tuesday, February 6th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.79.

Open Lending Stock Up 5.3 %

NASDAQ:LPRO opened at $5.57 on Thursday. The company has a market cap of $662.16 million, a price-to-earnings ratio of 32.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 14.08 and a current ratio of 14.08. The stock’s fifty day moving average price is $5.95 and its two-hundred day moving average price is $6.74. Open Lending has a 52-week low of $4.57 and a 52-week high of $11.99.

Institutional Investors Weigh In On Open Lending

Large investors have recently modified their holdings of the business. QRG Capital Management Inc. bought a new position in shares of Open Lending during the 3rd quarter valued at about $84,000. Gilbert & Cook Inc. acquired a new position in shares of Open Lending in the third quarter valued at approximately $92,000. Victory Capital Management Inc. increased its position in shares of Open Lending by 27.3% during the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after acquiring an additional 2,971 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Open Lending during the fourth quarter worth $121,000. Finally, Russell Investments Group Ltd. lifted its position in Open Lending by 15.9% in the 4th quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after acquiring an additional 2,090 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director John Joseph Flynn sold 50,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.35, for a total transaction of $367,500.00. Following the sale, the director now owns 1,993,762 shares of the company’s stock, valued at approximately $14,654,150.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 15.00% of the stock is owned by company insiders.

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.