Open Lending (NASDAQ:LPRO) Shares Gap Up – Here’s Why

Open Lending Co. (NASDAQ:LPRO) gapped up prior to trading on Wednesday . The stock had previously closed at $5.64, but opened at $5.99. Open Lending shares last traded at $6.37, with a volume of 132,311 shares traded.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC raised Open Lending from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.83.

Open Lending Stock Up 13.3 %

The stock has a 50 day moving average price of $5.79 and a 200 day moving average price of $5.82. The company has a market cap of $762.65 million, a P/E ratio of 213.43 and a beta of 1.16. The company has a debt-to-equity ratio of 0.61, a quick ratio of 9.42 and a current ratio of 9.42.

Open Lending (NASDAQ:LPRO) last released its earnings results on Thursday, November 7th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). Open Lending had a net margin of 4.78% and a return on equity of 2.15%. The business had revenue of $23.48 million for the quarter, compared to analyst estimates of $29.46 million. During the same period in the prior year, the company earned $0.02 earnings per share. Research analysts expect that Open Lending Co. will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Lending

A number of large investors have recently made changes to their positions in LPRO. R Squared Ltd purchased a new position in Open Lending during the 4th quarter valued at about $25,000. Cubist Systematic Strategies LLC bought a new position in Open Lending during the second quarter valued at about $33,000. Blue Trust Inc. boosted its position in Open Lending by 208.2% during the third quarter. Blue Trust Inc. now owns 10,500 shares of the company’s stock worth $59,000 after purchasing an additional 7,093 shares during the period. Quantinno Capital Management LP bought a new position in Open Lending in the 3rd quarter worth $68,000. Finally, Intech Investment Management LLC acquired a new position in shares of Open Lending during the 3rd quarter worth about $91,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Open Lending Company Profile

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.