Open Lending (NASDAQ:LPRO) Downgraded by DA Davidson to “Hold”

DA Davidson cut shares of Open Lending (NASDAQ:LPRO) from a strong-buy rating to a hold rating in a research note issued to investors on Friday,Zacks.com reports.

Several other research analysts have also recently issued reports on LPRO. Wall Street Zen cut shares of Open Lending from a “hold” rating to a “sell” rating in a report on Sunday, June 14th. Northland Securities set a $3.15 target price on Open Lending in a research report on Wednesday, June 17th. Canaccord Genuity Group restated a “hold” rating and issued a $2.00 price objective on shares of Open Lending in a report on Tuesday, March 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Open Lending in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.77.

Open Lending Price Performance

Shares of NASDAQ LPRO opened at $3.12 on Friday. Open Lending has a fifty-two week low of $1.17 and a fifty-two week high of $3.13. The firm’s 50-day simple moving average is $2.16 and its 200 day simple moving average is $1.78. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.00. The stock has a market cap of $367.16 million, a P/E ratio of -78.00 and a beta of 2.28.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.00) earnings per share 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 analyst estimates of $20.41 million. Open Lending had a positive return on equity of 7.53% and a negative net margin of 5.95%. Equities analysts expect that Open Lending will post 0.08 EPS for the current year.

Institutional Trading of Open Lending

Hedge funds and other institutional investors have recently modified their holdings of the business. Portolan Capital Management LLC purchased a new position in shares of Open Lending during the third quarter valued at $7,752,000. Cannell Capital LLC boosted its stake in shares of Open Lending by 87.1% during the 2nd quarter. Cannell Capital LLC now owns 3,596,490 shares of the company’s stock valued at $6,977,000 after buying an additional 1,674,646 shares during the period. Veradace Capital Management LLC acquired a new stake in Open Lending during the fourth quarter valued at $2,372,000. Whetstone Capital Advisors LLC lifted its holdings in shares of Open Lending by 34.0% during the 4th quarter. Whetstone Capital Advisors LLC now owns 6,014,667 shares of the company’s stock valued at $9,323,000 after buying an additional 1,525,926 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Open Lending by 1,577.7% in the second quarter. JPMorgan Chase & Co. now owns 848,424 shares of the company’s stock worth $1,646,000 after acquiring an additional 797,852 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.