Open Lending Corporation (NASDAQ:LPRO) Sees Large Decrease in Short Interest

Open Lending Corporation (NASDAQ:LPRO) was the target of a large decrease in short interest in July. As of July 15th, there was short interest totaling 2,067,834 shares, a decrease of 38.1% from the June 30th total of 3,342,444 shares. Based on an average daily trading volume, of 2,643,906 shares, the days-to-cover ratio is presently 0.8 days. Currently, 2.0% of the company’s stock are sold short.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $3.15 price objective (up from $3.00) on shares of Open Lending in a research note on Friday, June 26th. Weiss Ratings restated a “sell (e+)” rating on shares of Open Lending in a report on Tuesday, June 9th. Wall Street Zen raised shares of Open Lending to a “sell” rating in a research report on Saturday. Finally, Northland Securities set a $3.15 price objective on shares of Open Lending in a research note on Wednesday, June 17th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Open Lending has a consensus rating of “Hold” and a consensus price target of $2.77.

Institutional Investors Weigh In On Open Lending

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. purchased a new position in Open Lending in the 2nd quarter worth $28,000. Dynamic Technology Lab Private Ltd purchased a new stake in Open Lending during the 1st quarter valued at about $43,000. D.A. Davidson & CO. acquired a new position in shares of Open Lending in the fourth quarter valued at about $28,000. Caxton Associates LLP acquired a new position in shares of Open Lending in the first quarter valued at about $54,000. Finally, Cerity Partners LLC purchased a new position in shares of Open Lending in the second quarter worth about $44,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Open Lending Trading Up 0.2%

Shares of NASDAQ LPRO opened at $3.15 on Friday. Open Lending has a 1-year low of $1.17 and a 1-year high of $3.15. The business has a fifty day moving average price of $2.83 and a 200 day moving average price of $2.04. The stock has a market capitalization of $370.10 million, a P/E ratio of -78.62 and a beta of 2.19. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.44 and a quick ratio of 4.44.

Open Lending (NASDAQ:LPRO) last posted its earnings results on Thursday, May 7th. The company reported ($0.00) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.01). The company had revenue of $20.49 million during the quarter, compared to analysts’ expectations of $20.41 million. Open Lending had a negative net margin of 5.95% and a positive return on equity of 7.53%. Equities research analysts expect that Open Lending will post 0.08 EPS for the current fiscal year.

About Open Lending

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.