Open Lending Corporation [NASDAQ: LPRO] gained 16.54% or 5.86 points to close at $41.28 with a heavy trading volume of 7596736 shares. The company report on April 1, 2021 that Open Lending Corporation Announces Pricing of Upsized Secondary Offering.
Open Lending Corporation, (“Open Lending”) (Nasdaq: LPRO), a leading provider of lending enablement and risk analytics solutions to financial institutions, announced the pricing of a secondary public offering of 9,000,000 shares of its common stock at a public offering price of $34.00 per share. The offering was upsized from the previously announced offering size of 7,500,000 shares. All shares are being sold by existing stockholders, including Nebula Holdings, LLC., a True Wind Capital, L.P. managed entity, Bregal Sagemount and certain executive officers of Open Lending. The selling stockholders have also granted the underwriters a 30-day option to purchase up to 1,350,000 additional shares of common stock. Open Lending is not selling any shares and will not receive any of the proceeds of the offering. The offering is expected to close on April 6, 2021, subject to customary closing conditions.
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Pursuant to a Stock Repurchase Agreement, dated as of March 29, 2021, between Open Lending and the selling stockholders, Open Lending will repurchase from the selling stockholders an aggregate number of shares of Open Lending’s common stock equal to $20.0 million at the same per share price paid by the underwriters to the selling stockholders in the offering. The share repurchase is conditioned on the closing of the offering, which is expected to occur on April 6, 2021, subject to customary closing conditions.
It opened the trading session at $36.90, the shares rose to $41.50 and dropped to $35.86, the range by which the price of stock traded the whole day. The daily chart for LPRO points out that the company has recorded 61.88% gains over the past six months. However, it is still -340.55% lower than its most recent low trading price.
If we look at the average trading volume of 1.03M shares, LPRO reached to a volume of 7596736 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Open Lending Corporation [LPRO]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for LPRO shares is $44.91 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on LPRO stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
William Blair have made an estimate for Open Lending Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on March 04, 2021. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on February 10, 2021, representing the official price target for Open Lending Corporation stock. Previously, the target price had yet another raise to $30, while B. Riley Securities analysts kept a Neutral rating on LPRO stock.
The Average True Range (ATR) for Open Lending Corporation is set at 2.89, with the Price to Sales ratio for LPRO stock in the period of the last 12 months amounting to 41.24. The Price to Book ratio for the last quarter was 196.57, with the Price to Cash per share for the same quarter was set at 0.93.
Trading performance analysis for LPRO stock
Open Lending Corporation [LPRO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.54. With this latest performance, LPRO shares gained by 6.80% in over the last four-week period, additionally plugging by 61.88% over the last 6 months – not to mention a rise of 307.91% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for LPRO stock in for the last two-week period is set at 59.04, with the RSI for the last a single of trading hit 63.97, and the three-weeks RSI is set at 56.88 for Open Lending Corporation [LPRO]. The present Moving Average for the last 50 days of trading for this stock 38.13, while it was recorded at 37.00 for the last single week of trading, and 27.99 for the last 200 days.
Open Lending Corporation [LPRO]: A deeper dive into fundamental analysis
Open Lending Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 9.60 and a Current Ratio set at 9.60.
An analysis of insider ownership at Open Lending Corporation [LPRO]
There are presently around $4,273 million, or 58.50% of LPRO stock, in the hands of institutional investors. The top three institutional holders of LPRO stocks are: BREGAL INVESTMENTS, INC. with ownership of 14,933,245, which is approximately New of the company’s market cap and around 5.60% of the total institutional ownership; BREGAL NORTH AMERICA GENERAL PARTNER JERSEY LTD, holding 14,933,245 shares of the stock with an approximate value of $616.44 million in LPRO stocks shares; and BREGAL SAGEMOUNT I, L.P., currently with $616.44 million in LPRO stock with ownership of nearly New of the company’s market capitalization.
115 institutional holders increased their position in Open Lending Corporation [NASDAQ:LPRO] by around 68,747,368 shares. Additionally, 41 investors decreased positions by around 8,107,274 shares, while 7 investors held positions by with 26,662,431 shares. The mentioned changes placed institutional holdings at 103,517,073 shares, according to the latest SEC report filing. LPRO stock had 77 new institutional investments in for a total of 56,159,826 shares, while 11 institutional investors sold positions of 1,916,245 shares during the same period.