EverSource Wealth Advisors LLC Boosts Stock Position in Open Lending Co. (NASDAQ:LPRO)

Posted by Defense World Staff on May 20th, 2023

EverSource Wealth Advisors LLC increased its stake in shares of Open Lending Co. (NASDAQ:LPRO – Get Rating) by 801.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,247 shares of the company’s stock after purchasing an additional 3,776 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Open Lending were worth $29,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Skylands Capital LLC lifted its position in Open Lending by 16.9% during the 4th quarter. Skylands Capital LLC now owns 116,000 shares of the company’s stock worth $783,000 after acquiring an additional 16,800 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Open Lending by 16.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 16,617 shares of the company’s stock worth $112,000 after purchasing an additional 2,291 shares in the last quarter. Raymond James & Associates grew its stake in shares of Open Lending by 16.2% in the fourth quarter. Raymond James & Associates now owns 601,820 shares of the company’s stock worth $4,062,000 after purchasing an additional 83,944 shares in the last quarter. UBS Group AG lifted its holdings in shares of Open Lending by 4,749.4% in the fourth quarter. UBS Group AG now owns 30,794 shares of the company’s stock valued at $208,000 after buying an additional 30,159 shares during the period. Finally, Brainard Capital Management LLC acquired a new stake in shares of Open Lending in the fourth quarter valued at $1,082,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analysts Forecast Growth

LPRO has been the subject of several analyst reports. DA Davidson reduced their target price on Open Lending from $18.00 to $12.00 and set a “buy” rating for the company in a report on Monday, February 27th. William Blair reissued an “outperform” rating on shares of Open Lending in a report on Wednesday, May 10th. Morgan Stanley increased their target price on Open Lending from $5.00 to $6.00 in a research note on Thursday, May 11th. Stephens reiterated an “equal weight” rating and issued a $7.00 price objective on shares of Open Lending in a research report on Thursday, March 30th. Finally, Canaccord Genuity Group reduced their price objective on Open Lending from $30.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Open Lending presently has a consensus rating of “Moderate Buy” and an average price target of $12.33.

Open Lending Price Performance

NASDAQ:LPRO opened at $9.69 on Friday. The company has a quick ratio of 16.24, a current ratio of 16.24 and a debt-to-equity ratio of 0.69. The stock’s 50 day moving average price is $7.35 and its two-hundred day moving average price is $7.45. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 22.02 and a beta of 0.77. Open Lending Co. has a 12-month low of $5.35 and a 12-month high of $13.97.

Open Lending (NASDAQ:LPRO – Get Rating) last announced its earnings results on Tuesday, May 9th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The company had revenue of $38.36 million for the quarter, compared to analyst estimates of $32.19 million. Open Lending had a return on equity of 26.08% and a net margin of 33.36%. The firm’s quarterly revenue was down 23.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. On average, analysts anticipate that Open Lending Co. will post 0.36 earnings per share for the current year.

About Open Lending

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Open Lending Corp. provides lending enablement and risk analytics to credit unions, regional banks and the captive finance companies of original equipment manufacturers (OEM Captives). It specializes in risk-based pricing and modeling and provides automated decision-technology for automotive lenders throughout the United States.