The Vanguard Group, Inc. recently announced the acquisition of new stake in Open Lending Corp (NASDAQ:LPRO). The institutional investor has increased its shareholding in the Financial company by 1.92% to 9.16 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 7.65% valued currently at $77.98 million. In addition, Working Capital Advisors raised its holdings by 3.02 million to 6.43 million shares. And SSgA Funds Management, Inc. has lifted its position by 12.56% or 0.32 million shares – to 2.9 million shares.
With over 0.47 million Open Lending Corp (LPRO) shares trading Friday and a closing price of $7.52 on the day, the dollar volume was approximately $3.5 million. The shares have shown a negative half year performance of -30.56% and its price on 01/12/24 gained nearly 0.13%. Currently, there are 123.65M common shares owned by the public and among those 97.87M shares have been available to trade.
Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 707,552 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 619,942 shares.
The top 3 mutual fund holders in Open Lending Corp are T Rowe Price Mid Cap Value Fund, Vanguard Total Stock Market ETF, and Wasatch Core Growth Fund. T Rowe Price Mid Cap Value Fund owns 6.14 million shares of the company’s stock, all valued at over $52.28 million. The company sold -0.97 million shares recently to bring their total holdings to about 5.13% of the shares outstanding. Wasatch Core Growth Fund now owns shares totaling to 2.41% of the shares outstanding.
Shares of Open Lending Corp (NASDAQ: LPRO) opened at $7.71, up $0.2 from a prior closing price of $7.51. However, the script later moved the day high at 7.78, up 0.13%. The company’s stock has a 5-day price change of -2.46% and 13.60% over the past three months. LPRO shares are trading -11.63% year to date (YTD), with the 12-month market performance down to -4.69% lower. It has a 12-month low price of $4.89 and touched a high of $11.99 over the same period. LPRO has an average intraday trading volume of 643.35K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.64%, 8.10%, and -8.26% respectively.
Institutional ownership of Open Lending Corp (NASDAQ: LPRO) shares accounts for 65.66% of the company’s 123.65M shares outstanding. Mutual fund holders own 36.07%, while other institutional holders and individual stakeholders account for 36.83% and 29.83% respectively.
It has a market capitalization of $900.52M and a beta (3y monthly) value of 1.03. The stock’s trailing 12-month PE ratio is 40.30, while the earnings-per-share (ttm) stands at $0.19. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.61% over the week and 4.31% over the month.
Analysts forecast that Open Lending Corp (LPRO) will achieve an EPS of $0.04 for the current quarter, $0.06 for the next quarter and $0.28 for 2024. The lowest estimate earnings-per-share for the quarter is $0.03 while analysts give the company a high EPS estimate of $0.06. Comparatively, EPS for the current quarter was -$0.03 a year ago. Earnings per share for the fiscal year are expected to decrease by -50.60%, and 8.01% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Open Lending Corp (LPRO) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 3 of the 10 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the LPRO, a number of firms have released research notes about the stock. Canaccord Genuity stated their Hold rating for the stock in a research note on November 08, 2023, with the firm’s price target at $20-$5.50.
