Open Lending (NASDAQ:LPRO) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Open Lending (NASDAQ:LPRO) from a hold rating to a sell rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Open Lending LLC, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling and default insurance, ensuring profitable auto loan portfolios for financial institutions. Open Lending LLC, formerly known as Nebula Acquisition Corporation, is based in AUSTIN, Texas. “

Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC lifted their price objective on shares of Open Lending from $50.00 to $53.00 and gave the company a buy rating in a research note on Wednesday, August 11th. The Goldman Sachs Group cut shares of Open Lending from a buy rating to a neutral rating and cut their price objective for the company from $43.00 to $40.00 in a research note on Friday, July 23rd. DA Davidson boosted their price target on shares of Open Lending from $45.00 to $50.00 and gave the stock a buy rating in a research report on Friday, August 13th. Canaccord Genuity boosted their price target on shares of Open Lending from $45.00 to $55.00 and gave the stock a buy rating in a research report on Monday, June 28th. Finally, Raymond James dropped their price target on shares of Open Lending from $57.00 to $52.00 and set a strong-buy rating on the stock in a research report on Wednesday, August 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Open Lending currently has an average rating of Buy and an average price target of $44.64.

Shares of LPRO opened at $33.62 on Wednesday. Open Lending has a 1 year low of $24.67 and a 1 year high of $44.00. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 168.10 and a beta of 0.38. The company has a debt-to-equity ratio of 1.49, a quick ratio of 9.13 and a current ratio of 9.13. The firm has a fifty day moving average of $37.08 and a 200-day moving average of $38.04.

Open Lending (NASDAQ:LPRO) last issued its quarterly earnings data on Monday, August 9th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.43. Open Lending had a net margin of 18.85% and a return on equity of 158.97%. The business had revenue of $61.13 million for the quarter, compared to analysts’ expectations of $48.96 million. During the same period in the previous year, the business earned ($1.01) earnings per share. The company’s revenue was up 177.0% on a year-over-year basis. Analysts predict that Open Lending will post 0.88 EPS for the current year.

In other Open Lending news, major shareholder Sagemount I. L.P. Bregal sold 170,000 shares of Open Lending stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $34.75, for a total transaction of $5,907,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gene Yoon sold 500,000 shares of Open Lending stock in a transaction dated Thursday, August 19th. The shares were sold at an average price of $31.40, for a total value of $15,700,000.00. The disclosure for this sale can be found here. Insiders sold a total of 1,291,626 shares of company stock worth $43,846,642 in the last three months. 25.96% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Jennison Associates LLC grew its stake in Open Lending by 71.2% during the 2nd quarter. Jennison Associates LLC now owns 979,340 shares of the company’s stock valued at $42,200,000 after acquiring an additional 407,232 shares in the last quarter. Ronit Capital LLP grew its stake in shares of Open Lending by 46.2% in the 1st quarter. Ronit Capital LLP now owns 19,000 shares of the company’s stock valued at $673,000 after buying an additional 6,000 shares in the last quarter. Stephens Investment Management Group LLC bought a new stake in shares of Open Lending in the 1st quarter valued at approximately $8,837,000. Wolverine Trading LLC bought a new stake in shares of Open Lending in the 2nd quarter valued at approximately $263,000. Finally, PNC Financial Services Group Inc. bought a new stake in shares of Open Lending in the 2nd quarter valued at approximately $72,000. 80.97% of the stock is currently owned by institutional investors.

Open Lending Company Profile

Open Lending Corp. provides lending enablement and risk analytics to credit unions, regional banks and the captive finance companies of original equipment manufacturers (OEM Captives). It specializes in risk-based pricing and modeling and provides automated decision-technology for automotive lenders throughout the United States.

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