Open Lending (NASDAQ:LPRO) Trading Down 4.4% – What’s Next?

Open Lending Co. (NASDAQ:LPRO)’s stock price fell 4.4% during trading on Thursday . The company traded as low as $5.71 and last traded at $5.71. 61,635 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 412,722 shares. The stock had previously closed at $5.97.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Open Lending in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.83.

Open Lending Stock Performance

The company has a quick ratio of 9.42, a current ratio of 9.42 and a debt-to-equity ratio of 0.61. The company has a market cap of $675.52 million, a PE ratio of 188.67, a price-to-earnings-growth ratio of 2.46 and a beta of 1.16. The firm has a fifty day simple moving average of $6.07 and a 200-day simple moving average of $5.86.

Hedge Funds Weigh In On Open Lending

A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its position in Open Lending by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,152 shares of the company’s stock worth $230,000 after purchasing an additional 2,631 shares during the last quarter. Chicago Partners Investment Group LLC increased its position in Open Lending by 7.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 43,000 shares of the company’s stock valued at $263,000 after acquiring an additional 3,000 shares during the period. QRG Capital Management Inc. raised its stake in Open Lending by 24.4% during the 3rd quarter. QRG Capital Management Inc. now owns 18,148 shares of the company’s stock valued at $111,000 after acquiring an additional 3,561 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Open Lending during the 2nd quarter worth approximately $33,000. Finally, Verition Fund Management LLC grew its stake in shares of Open Lending by 27.4% in the 3rd quarter. Verition Fund Management LLC now owns 28,558 shares of the company’s stock valued at $175,000 after purchasing an additional 6,150 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

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.