Open Lending (NASDAQ:LPRO) Shares Gap Down Following Insider Selling

Open Lending Co. (NASDAQ:LPRO) shares gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $7.14, but opened at $6.89. Open Lending shares last traded at $6.53, with a volume of 172,725 shares trading hands.

Specifically, Director John Joseph Flynn sold 50,000 shares of Open Lending stock in a transaction on Monday, January 8th. The shares were sold at an average price of $7.83, for a total transaction of $391,500.00. Following the transaction, the director now owns 2,179,666 shares in the company, valued at approximately $17,066,784.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 200,000 shares of company stock worth $1,501,500 in the last 90 days. 17.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on LPRO. Needham & Company LLC reiterated a “buy” rating and set a $8.00 price target on shares of Open Lending in a research note on Wednesday, February 28th. Canaccord Genuity Group dropped their price target on shares of Open Lending from $7.50 to $7.00 and set a “hold” rating on the stock in a research note on Tuesday. Raymond James restated an “outperform” rating and set a $8.00 target price on shares of Open Lending in a research note on Tuesday. Morgan Stanley upgraded shares of Open Lending from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $4.00 to $7.00 in a research note on Tuesday, February 6th. Finally, JMP Securities restated a “market outperform” rating and set a $8.00 target price on shares of Open Lending in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.07.

Open Lending Stock Performance

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 company has a market capitalization of $726.36 million, a P/E ratio of 35.94 and a beta of 1.01. The business’s fifty day simple moving average is $7.36 and its 200-day simple moving average is $7.13.

Open Lending (NASDAQ:LPRO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $14.90 million during the quarter, compared to the consensus estimate of $27.55 million. Open Lending had a net margin of 18.79% and a return on equity of 10.45%. The business’s revenue was down 44.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. As a group, equities analysts anticipate that Open Lending Co. will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Open Lending

A number of large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its position in Open Lending by 35.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,080 shares of the company’s stock valued at $247,000 after buying an additional 3,405 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Open Lending by 13.8% in the first quarter. JPMorgan Chase & Co. now owns 99,128 shares of the company’s stock worth $1,874,000 after acquiring an additional 11,996 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Open Lending by 8.6% in the first quarter. Bank of New York Mellon Corp now owns 442,326 shares of the company’s stock worth $8,364,000 after acquiring an additional 35,025 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Open Lending by 51.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,665 shares of the company’s stock worth $89,000 after buying an additional 1,591 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Open Lending by 55.1% during the first quarter. MetLife Investment Management LLC now owns 58,727 shares of the company’s stock worth $1,111,000 after buying an additional 20,870 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.