Open Lending (NASDAQ:LPRO) Trading 7% Higher – Should You Buy?

Open Lending Co. (NASDAQ:LPRO)’s share price was up 7% during trading on Wednesday . The company traded as high as $6.77 and last traded at $6.74. Approximately 470,525 shares were traded during mid-day trading, an increase of 10% from the average daily volume of 427,983 shares. The stock had previously closed at $6.30.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Morgan Stanley decreased their price objective 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. JMP Securities decreased their price target on shares of Open Lending from $8.00 to $7.00 and set a “market outperform” rating for the company in a research note on Friday, August 9th. DA Davidson decreased their price target on shares of Open Lending from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Open Lending in a research note on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Open Lending currently has an average rating of “Hold” and a consensus target price of $6.83.

Open Lending Stock Up 5.7 %

The company has a market cap of $794.21 million, a P/E ratio of 215.33, a P/E/G ratio of 2.71 and a beta of 1.13. The company has a quick ratio of 13.32, a current ratio of 9.42 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $5.83 and its 200 day moving average is $5.86.

Hedge Funds Weigh In On Open Lending

Large investors have recently bought and sold shares of the business. EVR Research LP bought a new position in Open Lending in the second quarter worth approximately $2,758,000. King Luther Capital Management Corp bought a new position in Open Lending in the second quarter worth approximately $558,000. Price T Rowe Associates Inc. MD raised its stake in Open Lending by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,756,601 shares of the company’s stock worth $67,337,000 after buying an additional 51,276 shares in the last quarter. QRG Capital Management Inc. raised its stake in 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. Finally, Cubist Systematic Strategies LLC bought a new position in Open Lending in the second quarter worth approximately $33,000. Institutional investors 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.