Needham & Company LLC Reiterates Hold Rating for Open Lending (NASDAQ:LPRO)

Open Lending (NASDAQ:LPRO)‘s stock had its “hold” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports.

LPRO has been the topic of a number of other reports. JMP Securities lowered their price target on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a report on Friday, August 9th. BTIG Research initiated coverage on Open Lending in a research report on Friday, June 7th. They set a “neutral” rating for the company. 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 report on Monday, August 12th. Finally, Morgan Stanley dropped their price target on Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $6.56.

Open Lending Stock Down 3.4 %

Shares of NASDAQ LPRO opened at $5.91 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 13.32 and a current ratio of 13.32. The company has a market capitalization of $704.27 million, a P/E ratio of 53.73 and a beta of 1.12. The company’s 50 day moving average price is $5.72 and its 200-day moving average price is $5.82. Open Lending has a 52-week low of $4.57 and a 52-week high of $8.70.

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

Hedge Funds Weigh In On Open Lending

Hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC acquired a new stake in Open Lending in the second quarter valued at approximately $33,000. SlateStone Wealth LLC purchased a new stake in shares of Open Lending in the second quarter valued at $70,000. QRG Capital Management Inc. grew its holdings in shares of Open Lending by 24.0% during the 2nd quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock valued at $81,000 after acquiring an additional 2,824 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Open Lending during the 2nd quarter worth about $110,000. Finally, SkyView Investment Advisors LLC raised its holdings in shares of Open Lending by 100.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 20,000 shares of the company’s stock valued at $112,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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. 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.