Zacks Research Downgrades OppFi (NYSE:OPFI) to Hold

OppFi (NYSE:OPFI) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Weiss Ratings upgraded OppFi from a “sell (d+)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. Citizens Jmp cut their target price on OppFi from $16.00 to $15.00 and set a “market outperform” rating for the company in a research note on Friday, April 17th. Stephens lifted their target price on OppFi from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Wall Street Zen raised shares of OppFi from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Finally, Citigroup reissued a “market outperform” rating on shares of OppFi in a report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.00.

OppFi Trading Down 1.8%

OPFI opened at $9.48 on Tuesday. The company has a 50 day moving average of $8.90 and a 200 day moving average of $8.91. The company has a market cap of $809.33 million, a PE ratio of 10.19 and a beta of 1.76. OppFi has a 12 month low of $7.36 and a 12 month high of $12.60.

OppFi (NYSE:OPFI) last issued its earnings results on Thursday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $87.30 million for the quarter, compared to analysts’ expectations of $151.14 million. OppFi had a net margin of 10.86% and a return on equity of 39.90%. Research analysts forecast that OppFi will post 1.8 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Christina M. Favilla sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $8.14, for a total value of $244,200.00. Following the transaction, the director directly owned 156,737 shares in the company, valued at approximately $1,275,839.18. This represents a 16.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Vennettilli sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $10.00, for a total transaction of $100,000.00. Following the completion of the sale, the director directly owned 132,389 shares in the company, valued at $1,323,890. This represents a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 70.20% of the stock is currently owned by insiders.

Institutional Trading of OppFi

A number of hedge funds have recently made changes to their positions in OPFI. Wellington Management Group LLP grew its position in OppFi by 193.3% in the fourth quarter. Wellington Management Group LLP now owns 2,474,102 shares of the company’s stock worth $25,879,000 after acquiring an additional 1,630,450 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of OppFi by 163.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 780,258 shares of the company’s stock valued at $8,840,000 after buying an additional 483,859 shares in the last quarter. Jump Financial LLC bought a new stake in OppFi in the 3rd quarter worth approximately $3,056,000. Nuveen LLC lifted its position in OppFi by 53.8% in the 4th quarter. Nuveen LLC now owns 754,039 shares of the company’s stock worth $7,887,000 after buying an additional 263,744 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in OppFi by 342.0% in the third quarter. Squarepoint Ops LLC now owns 291,197 shares of the company’s stock worth $3,299,000 after buying an additional 225,315 shares in the last quarter. 7.10% of the stock is owned by institutional investors.

About OppFi

OppFi (NYSE: OPFI) is a financial technology company that provides digital lending and credit solutions designed to meet the needs of near-prime consumers in the United States. Through its technology-driven platform, OppFi offers unsecured installment loans under the OppLoans brand, allowing borrowers to access credit online or via mobile devices. The company leverages proprietary data analytics and machine learning models to assess credit risk, streamline underwriting processes and deliver personalized loan products with transparent terms.

Headquartered in Chicago, Illinois, OppFi was founded in 2013 with a mission to increase financial inclusion for underserved and underbanked populations.