Open Lending (NASDAQ:LPRO) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Open Lending (NASDAQ:LPRO) announced its quarterly earnings results on Thursday. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01), FiscalAI reports. The firm had revenue of $19.35 million for the quarter, compared to analysts’ expectations of $21.92 million.

Open Lending Trading Down 9.0%

Shares of LPRO stock traded down $0.12 on Thursday, hitting $1.21. The stock had a trading volume of 866,120 shares, compared to its average volume of 575,048. The company’s 50 day moving average price is $1.66 and its 200-day moving average price is $1.81. Open Lending has a 1 year low of $0.70 and a 1 year high of $4.48. The company has a debt-to-equity ratio of 1.74, a current ratio of 5.59 and a quick ratio of 5.59. The firm has a market capitalization of $143.01 million, a P/E ratio of -0.97 and a beta of 2.05.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LPRO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Open Lending in a research note on Thursday, January 22nd. Canaccord Genuity Group dropped their price target on shares of Open Lending from $7.00 to $2.00 and set a “hold” rating for the company in a research note on Thursday, November 13th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Open Lending in a research report on Wednesday, November 12th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Open Lending currently has a consensus rating of “Hold” and an average target price of $2.92.

Hedge Funds Weigh In On Open Lending

Several institutional investors have recently bought and sold shares of LPRO. Prudential Financial Inc. purchased a new stake in Open Lending during the second quarter worth about $28,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Open Lending in the first quarter valued at approximately $43,000. Cerity Partners LLC acquired a new position in shares of Open Lending in the second quarter valued at approximately $44,000. Captrust Financial Advisors acquired a new position in shares of Open Lending in the second quarter valued at approximately $47,000. Finally, Caxton Associates LLP purchased a new stake in Open Lending during the 1st quarter worth approximately $54,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Open Lending Company Profile

Open Lending Corporation is a financial technology company specializing in risk analytics and automated loan decisioning for the automotive finance industry. Through its proprietary platform, Open Lending enables banks, credit unions and finance companies to enhance underwriting accuracy, manage risk more effectively and streamline the loan origination process. The company’s solutions leverage machine learning and big-data analytics to deliver credit-based pricing models that help lenders optimize portfolio performance and reduce losses.

The core offerings of Open Lending include an automated underwriting engine, risk-based pricing tools and performance analytics dashboards.