Open Lending Co. Forecasted to Earn Q2 2024 Earnings of $0.06 Per Share (NASDAQ:LPRO)

Open Lending Co. (NASDAQ:LPRO) – Equities researchers at Northland Capmk cut their Q2 2024 earnings per share (EPS) estimates for shares of Open Lending in a report issued on Wednesday, May 8th. Northland Capmk analyst M. Grondahl now expects that the company will earn $0.06 per share for the quarter, down from their prior forecast of $0.07. The consensus estimate for Open Lending’s current full-year earnings is $0.28 per share. Northland Capmk also issued estimates for Open Lending’s Q3 2024 earnings at $0.06 EPS and FY2024 earnings at $0.23 EPS.

A number of other brokerages also recently commented on LPRO. Morgan Stanley upgraded Open Lending from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $4.00 to $7.00 in a research note on Tuesday, February 6th. Needham & Company LLC reduced their price objective on Open Lending from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $8.00 target price on shares of Open Lending in a research report on Tuesday, March 26th. Canaccord Genuity Group reduced their price target on shares of Open Lending from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Raymond James restated an “outperform” rating and set a $8.00 price target on shares of Open Lending in a research report on Tuesday, March 26th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Open Lending currently has an average rating of “Hold” and a consensus price target of $6.79.

Open Lending Price Performance

Shares of NASDAQ:LPRO opened at $5.57 on Thursday. The company has a market cap of $662.16 million, a PE ratio of 32.76 and a beta of 1.03. Open Lending has a fifty-two week low of $4.57 and a fifty-two week high of $11.99. The firm has a 50-day simple moving average of $5.95 and a 200 day simple moving average of $6.74. The company has a quick ratio of 14.08, a current ratio of 14.08 and a debt-to-equity ratio of 0.68.

Open Lending (NASDAQ:LPRO) last issued its earnings results on Tuesday, May 7th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $30.75 million during the quarter, compared to analyst estimates of $28.65 million. Open Lending had a return on equity of 10.45% and a net margin of 18.79%. Open Lending’s revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.10 EPS.

Insider Activity at Open Lending

In related news, Director John Joseph Flynn sold 50,000 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $7.35, for a total value of $367,500.00. Following the completion of the transaction, the director now owns 1,993,762 shares in the company, valued at approximately $14,654,150.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.00% of the company’s stock.

Institutional Investors Weigh In On Open Lending

A number of institutional investors have recently added to or reduced their stakes in LPRO. Cannell Capital LLC lifted its holdings in shares of Open Lending by 55.4% in the fourth quarter. Cannell Capital LLC now owns 2,646,831 shares of the company’s stock valued at $22,525,000 after buying an additional 943,429 shares during the period. Working Capital Advisors UK Ltd. lifted its holdings in Open Lending by 10.2% in the 4th quarter. Working Capital Advisors UK Ltd. now owns 7,088,535 shares of the company’s stock valued at $60,323,000 after acquiring an additional 658,240 shares during the last quarter. Wasatch Advisors LP boosted its position in shares of Open Lending by 3.5% during the 1st quarter. Wasatch Advisors LP now owns 16,094,115 shares of the company’s stock valued at $100,749,000 after purchasing an additional 546,166 shares in the last quarter. Cetera Trust Company N.A acquired a new position in shares of Open Lending in the 4th quarter worth approximately $2,617,000. Finally, Algert Global LLC raised its holdings in shares of Open Lending by 271.3% in the 3rd quarter. Algert Global LLC now owns 339,719 shares of the company’s stock worth $2,487,000 after purchasing an additional 248,223 shares in the last quarter. 78.06% of the stock is currently 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.