Open Lending (NASDAQ:LPRO) shares a gap after strong earnings

Open Lending Co. (NASDAQ: LPRO – Get a rating) shares widened ahead of Friday’s trading after a better-than-expected earnings report. The stock had previously closed at $16.70, but opened at $19.30. Open Lending shares last traded at $20.07, with a volume of 23,860 shares traded in hands. The company reported EPS of $0.23 for the quarter, beating consensus analyst estimates of $0.15 by $0.08. Open Lending had a net margin of 36.64% and a return on equity of 51.25%. The company posted revenue of $51.60 million in the quarter, compared to $43.09 million expected by analysts. In the same period a year earlier, the company had earned earnings per share of $0.12. The company’s revenues increased by 30.3% compared to the same quarter last year.

LPRO has been the subject of a number of recent analyst reports. JMP Securities lowered its price target on Open Lending shares from $40.00 to $37.00 and set a “market outperformance” rating on the stock in a Wednesday, November 10 research note. Morgan Stanley lowered its price target on Open Lending shares from $29.00 to $18.00 and set an “equal weight” rating on the stock in a Thursday, January 27 research note. Raymond James lowered his price target on Open Lending stock from $44.00 to $30.00 and set a “Strong Buy” rating on the stock in a Tuesday, Jan. 11 research note. TheStreet downgraded Open Lending’s shares from a “c-” rating to a “d+” rating in a Friday, November 19 research note. Finally, Needham & Company LLC lowered its price target on Open Lending stock from $40.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday. One equity research analyst has assigned the stock a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned the stock a high buy rating. society. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $36.60.

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Institutional investors and hedge funds have recently changed their stakes in the company. Macquarie Group Ltd. increased its position in Open Lending by 1.9% during the third quarter. Macquarie Group Ltd. now owns 1,375,446 shares of the company worth $49,612,000 after purchasing an additional 26,300 shares during the period. Boothbay Fund Management LLC increased its holdings of Open Lending shares by 41.7% in the second quarter. Boothbay Fund Management LLC now owns 46,570 shares of the company valued at $2,007,000 after buying 13,713 additional shares last quarter. Sumitomo Life Insurance Co. increased its holdings of Open Lending shares by 11.8% in the third quarter. Sumitomo Life Insurance Co. now owns 27,925 shares of the company valued at $1,007,000 after buying 2,948 additional shares last quarter. MetLife Investment Management LLC purchased a new stake in shares of Open Lending in the second quarter worth approximately $1,631,000. Finally, B. Metzler seel. Sohn & Co. Holding AG increased its holdings of open lending shares by 18.3% in the second quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 77,938 shares of the company valued at $3,358,000 after purchasing an additional 12,055 shares last quarter. Institutional investors hold 86.43% of the company’s shares.

The company has a market capitalization of $2.44 billion, a PE ratio of 33.76 and a beta of 0.42. The company has a quick ratio of 9.71, a current ratio of 9.71 and a debt ratio of 1.13. The company’s fifty-day simple moving average is $20.04 and its 200-day simple moving average is $28.35.

About Open Loan (NASDAQ: LPRO)

Open Lending Corp. provides lending and risk analysis services to credit unions, regional banks and captive finance companies of original equipment manufacturers (OEM captives). It specializes in risk-based pricing and modeling and provides automated decision technology to auto lenders across the United States.

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