Needham & Company LLC Upgrades Open Lending (NASDAQ:LPRO) to “Buy”

Needham & Company LLC upgraded shares of Open Lending (NASDAQ:LPRO) from a hold rating to a buy rating in a research report released on Wednesday morning, Marketbeat reports. The firm currently has $7.00 price objective on the stock.

Open Lending Price Performance

Shares of Open Lending stock opened at $6.05 on Wednesday. The firm has a market cap of $722.07 million, a PE ratio of 201.67 and a beta of 1.16. Open Lending has a twelve month low of $4.57 and a twelve month high of $8.43. 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 business has a 50-day moving average price of $5.80 and a 200 day moving average price of $5.83.

Open Lending (NASDAQ:LPRO) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). Open Lending had a net margin of 4.78% and a return on equity of 2.15%. The business had revenue of $23.48 million during the quarter, compared to analysts’ expectations of $29.46 million. During the same quarter last year, the firm earned $0.02 earnings per share. Sell-side analysts predict that Open Lending will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. R Squared Ltd acquired a new position in Open Lending in the fourth quarter valued at about $25,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Open Lending in the 2nd quarter valued at approximately $33,000. Blue Trust Inc. lifted its holdings in shares of Open Lending by 208.2% in the 3rd quarter. Blue Trust Inc. now owns 10,500 shares of the company’s stock worth $59,000 after acquiring an additional 7,093 shares during the last quarter. Quantinno Capital Management LP purchased a new position in shares of Open Lending during the 3rd quarter worth approximately $68,000. Finally, Intech Investment Management LLC acquired a new stake in Open Lending in the 3rd quarter valued at approximately $91,000. Institutional investors and hedge funds 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.