JMP Securities Lowers Open Lending (NASDAQ:LPRO) Price Target to $7.00

Open Lending (NASDAQ:LPRO) had its price objective trimmed by JMP Securities from $8.00 to $7.00 in a report released on Friday morning, Benzinga reports. The firm currently has a market outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. BTIG Research started coverage on Open Lending in a research note on Friday, June 7th. They set a neutral rating on the stock. Morgan Stanley reduced their price target on Open Lending from $6.00 to $5.00 and set an equal weight rating on the stock in a research report on Friday. Needham & Company LLC cut Open Lending from a buy rating to a hold rating in a report on Monday, July 22nd. Finally, Canaccord Genuity Group dropped their price objective on shares of Open Lending from $7.00 to $6.00 and set a hold rating on the stock in a research note on Wednesday, May 8th. Six equities 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, Open Lending has an average rating of Hold and an average price target of $6.56.

Open Lending Stock Performance

Shares of NASDAQ:LPRO opened at $5.11 on Friday. The business has a 50-day moving average of $5.94 and a two-hundred day moving average of $6.26. The firm has a market capitalization of $608.93 million, a PE ratio of 46.45 and a beta of 1.12. The company has a debt-to-equity ratio of 0.65, a current ratio of 13.14 and a quick ratio of 13.14. Open Lending has a 12 month low of $4.57 and a 12 month high of $8.70.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.03). Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The business had revenue of $26.73 million for the quarter, compared to analysts’ expectations of $31.03 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Open Lending’s quarterly revenue was down 29.9% compared to the same quarter last year. As a group, research analysts forecast that Open Lending will post 0.22 earnings per share for the current year.

Institutional Trading of Open Lending

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its stake in shares of Open Lending by 58.1% in the 4th quarter. SG Americas Securities LLC now owns 27,631 shares of the company’s stock valued at $235,000 after purchasing an additional 10,159 shares in the last quarter. Cetera Trust Company N.A bought a new stake in Open Lending in the fourth quarter valued at about $2,617,000. New York State Common Retirement Fund increased its holdings in Open Lending by 12.5% in the fourth quarter. New York State Common Retirement Fund now owns 42,857 shares of the company’s stock valued at $365,000 after buying an additional 4,745 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Open Lending by 15.9% during the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after buying an additional 2,090 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Open Lending by 27.3% during the 4th quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock worth $118,000 after buying an additional 2,971 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

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.