Open Lending (NASDAQ:LPRO) Price Target Cut to $2.00 by Analysts at Needham & Company LLC

Open Lending (NASDAQ:LPRO) had its target price dropped by stock analysts at Needham & Company LLC from $7.00 to $2.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 70.94% from the stock’s previous close.

Separately, Jefferies Financial Group cut Open Lending from a “buy” rating to a “hold” rating and decreased their target price for the stock from $8.00 to $3.70 in a report on Thursday, March 20th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Open Lending currently has an average rating of “Hold” and a consensus price target of $5.28.

Open Lending Price Performance

NASDAQ:LPRO opened at $1.17 on Wednesday. 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 firm has a market cap of $139.64 million, a PE ratio of 39.00 and a beta of 1.25. Open Lending has a 12 month low of $1.14 and a 12 month high of $6.97. The company’s 50-day moving average price is $4.82 and its two-hundred day moving average price is $5.52.

Open Lending (NASDAQ:LPRO) last announced its earnings results on Monday, March 31st. The company reported ($1.21) EPS for the quarter, missing the consensus estimate of $0.02 by ($1.23). The business had revenue of $24.23 million during the quarter, compared to analyst estimates of $24.03 million. Open Lending had a return on equity of 2.15% and a net margin of 4.78%. During the same period in the previous year, the firm earned ($0.04) earnings per share. On average, equities analysts anticipate that Open Lending will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Lending

Several hedge funds and other institutional investors have recently made changes to their positions in LPRO. Wasatch Advisors LP boosted its holdings in Open Lending by 0.6% in the fourth quarter. Wasatch Advisors LP now owns 16,736,229 shares of the company’s stock valued at $99,915,000 after acquiring an additional 105,449 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Open Lending by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,655,364 shares of the company’s stock valued at $75,554,000 after purchasing an additional 920,630 shares during the period. Vanguard Group Inc. boosted its stake in shares of Open Lending by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 10,178,916 shares of the company’s stock valued at $60,768,000 after purchasing an additional 160,617 shares during the last quarter. State Street Corp grew its position in shares of Open Lending by 2.6% during the 3rd quarter. State Street Corp now owns 2,545,783 shares of the company’s stock worth $15,580,000 after buying an additional 63,450 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Open Lending by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,393,519 shares of the company’s stock worth $14,293,000 after buying an additional 28,253 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

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.