Open Lending (NASDAQ:LPRO) Stock Price Up 8.8% – Still a Buy?

Open Lending Co. (NASDAQ:LPRO) traded up 8.8% on Tuesday . The company traded as high as $6.32 and last traded at $6.32. 165,427 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 413,838 shares. The stock had previously closed at $5.81.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reaffirmed 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $6.83.

Open Lending Price Performance

The company has a fifty day simple moving average of $6.04 and a two-hundred day simple moving average of $5.91. The company has a debt-to-equity ratio of 0.61, a quick ratio of 9.42 and a current ratio of 9.42. The company has a market capitalization of $702.97 million, a price-to-earnings ratio of 196.33, a P/E/G ratio of 2.46 and a beta of 1.16.

Institutional Investors Weigh In On Open Lending

A number of institutional investors have recently added to or reduced their stakes in the company. EVR Research LP acquired a new stake in shares of Open Lending in the second quarter valued at about $2,758,000. Royce & Associates LP boosted its position in Open Lending by 152.1% in the 3rd quarter. Royce & Associates LP now owns 481,640 shares of the company’s stock valued at $2,948,000 after buying an additional 290,602 shares during the last quarter. Wasatch Advisors LP increased its position in shares of Open Lending by 1.4% during the third quarter. Wasatch Advisors LP now owns 16,630,780 shares of the company’s stock worth $101,780,000 after acquiring an additional 222,969 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Open Lending in the third quarter worth about $1,153,000. Finally, Main Management ETF Advisors LLC purchased a new position in Open Lending in the third quarter valued at about $845,000. Hedge funds and other 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.