Open Lending (NASDAQ:LPRO) Trading Up 4.2% – Should You Buy?

Open Lending Co. (NASDAQ:LPRO) shot up 4.2% during mid-day trading on Tuesday . The stock traded as high as $6.03 and last traded at $6.02. 28,592 shares were traded during mid-day trading, a decline of 93% from the average session volume of 411,676 shares. The stock had previously closed at $5.78.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC restated a “hold” rating on shares of Open Lending in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Open Lending presently has an average rating of “Hold” and a consensus price target of $6.83.

Open Lending Stock Performance

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 firm has a market capitalization of $712.52 million, a price-to-earnings ratio of 199.00, a price-to-earnings-growth ratio of 2.46 and a beta of 1.16. The stock’s fifty day moving average is $6.07 and its two-hundred day moving average is $5.86.

Institutional Trading of Open Lending

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its stake in Open Lending by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 386,306 shares of the company’s stock valued at $2,156,000 after purchasing an additional 41,792 shares in the last quarter. Arizona State Retirement System grew its position in shares of Open Lending by 32.2% during the second quarter. Arizona State Retirement System now owns 28,288 shares of the company’s stock worth $158,000 after buying an additional 6,896 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Open Lending by 9.2% in the second quarter. Federated Hermes Inc. now owns 95,418 shares of the company’s stock worth $532,000 after buying an additional 8,010 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Open Lending by 48.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 108,951 shares of the company’s stock worth $608,000 after buying an additional 35,435 shares during the last quarter. Finally, King Luther Capital Management Corp acquired a new stake in Open Lending in the second quarter valued at $558,000. 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.