DA Davidson Cuts Open Lending (NASDAQ:LPRO) Price Target to $8.00

Open Lending (NASDAQ:LPRO) had its price objective lowered by DA Davidson from $9.00 to $8.00 in a research report report published on Monday, Benzinga reports. DA Davidson currently has a buy rating on the stock.

LPRO has been the topic of several other research reports. Canaccord Genuity Group reduced their price target on shares of Open Lending from $7.00 to $6.00 and set a hold rating on the stock in a research report on Wednesday, May 8th. JMP Securities lowered their price target on shares of Open Lending from $8.00 to $7.00 and set a market outperform rating for the company in a report on Friday, August 9th. Morgan Stanley dropped their price objective on shares of Open Lending from $6.00 to $5.00 and set an equal weight rating for the company in a research report on Friday, August 9th. Needham & Company LLC lowered Open Lending from a buy rating to a hold rating in a research report on Monday, July 22nd. Finally, BTIG Research initiated coverage on Open Lending in a report on Friday, June 7th. They issued a neutral rating on the stock. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $6.56.

Open Lending Price Performance

NASDAQ:LPRO opened at $5.36 on Monday. The firm has a market cap of $638.72 million, a PE ratio of 48.73 and a beta of 1.12. The company’s 50-day moving average price is $5.85 and its two-hundred day moving average price is $6.23. The company has a quick ratio of 13.14, a current ratio of 13.14 and a debt-to-equity ratio of 0.65. Open Lending has a 12 month low of $4.57 and a 12 month high of $8.70.

Open Lending (NASDAQ:LPRO) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Open Lending had a return on equity of 6.87% and a net margin of 13.31%. The business had revenue of $26.73 million for the quarter, compared to the consensus estimate of $31.03 million. During the same quarter last year, the company earned $0.09 earnings per share. The firm’s revenue was down 29.9% on a year-over-year basis. On average, equities analysts anticipate that Open Lending will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LPRO. Cetera Trust Company N.A acquired a new position in Open Lending in the fourth quarter valued at about $2,617,000. New York State Common Retirement Fund raised its holdings in Open Lending by 12.5% during the 4th quarter. New York State Common Retirement Fund now owns 42,857 shares of the company’s stock worth $365,000 after buying an additional 4,745 shares during the period. Russell Investments Group Ltd. lifted its stake in Open Lending by 15.9% in the fourth quarter. Russell Investments Group Ltd. now owns 15,273 shares of the company’s stock valued at $130,000 after buying an additional 2,090 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Open Lending by 27.3% in the fourth quarter. Victory Capital Management Inc. now owns 13,848 shares of the company’s stock valued at $118,000 after buying an additional 2,971 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Open Lending by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 776,264 shares of the company’s stock worth $6,606,000 after acquiring an additional 9,957 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

About Open Lending

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.