Open Lending (NASDAQ:LPRO) Stock Price Down 6.8% – Time to Sell?

Open Lending Co. (NASDAQ:LPRO)’s share price was down 6.8% during mid-day trading on Tuesday . The company traded as low as $5.93 and last traded at $5.93. Approximately 143,444 shares changed hands during trading, a decline of 66% from the average daily volume of 421,249 shares. The stock had previously closed at $6.36.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on LPRO shares. JMP Securities dropped their target price on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating on the stock in a research report on Friday, August 9th. DA Davidson dropped their target price on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Morgan Stanley decreased their price target on shares of Open Lending from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Open Lending in a report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.83.

Open Lending Stock Performance

The firm has a market capitalization of $713.71 million, a PE ratio of 199.33, a P/E/G ratio of 2.73 and a beta of 1.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 9.42 and a quick ratio of 9.42. The company’s fifty day simple moving average is $6.01 and its 200 day simple moving average is $5.94.

Institutional Investors Weigh In On Open Lending

Institutional investors and hedge funds have recently modified their holdings of the company. EVR Research LP purchased a new stake in shares of Open Lending in the second quarter worth about $2,758,000. King Luther Capital Management Corp purchased a new stake in shares of Open Lending in the second quarter worth about $558,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Open Lending in the third quarter worth about $1,153,000. Royce & Associates LP lifted its holdings in shares of Open Lending by 152.1% in the third quarter. Royce & Associates LP now owns 481,640 shares of the company’s stock worth $2,948,000 after buying an additional 290,602 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in shares of Open Lending by 24.0% in the second quarter. QRG Capital Management Inc. now owns 14,587 shares of the company’s stock worth $81,000 after buying an additional 2,824 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Open Lending Company Profile

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.