Open Lending Company LPRO reported downbeat gross sales for the third quarter on Tuesday.
Open Lending posted GAAP earnings of two cents per share, in comparison with estimates of seven cents per share. The corporate’s quarterly gross sales got here in at $26.01 million, lacking expectations of $32.62 million.
Open Lending mentioned it sees fourth-quarter income of $25 million to $29 million, versus estimates of $36.02 million.
Open Lending shares fell 10.7% to commerce at $5.90 on Wednesday.
These analysts made adjustments to their value targets on Open Lending following earnings announcement.
- Canaccord Genuity slashed the value goal on Open Lending from $20 to $5.5. Canaccord Genuity analyst Joseph Vafi downgraded the inventory from Purchase to Maintain.
- Raymond James reduce the value goal on Open Lending from $12 to $8. Raymond James analyst John Davis maintained an Outperform score.
- Stephens & Co. lowered the value goal on Open Lending from $9 to $6. Stephens & Co. analyst Vincent Caintic maintained an Equal-Weight score.
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