Open Lending Corporation (NASDAQ:LPRO) reported downbeat sales for the third quarter on Tuesday.
Open Lending posted GAAP earnings of 2 cents per share, compared to estimates of 7 cents per share. The company’s quarterly sales came in at $26.01 million, missing expectations of $32.62 million.
Open Lending said it sees fourth-quarter revenue of $25 million to $29 million, versus estimates of $36.02 million.
Open Lending shares fell 10.7% to trade at $5.90 on Wednesday.
These analysts made changes to their price targets on Open Lending following earnings announcement.
- Canaccord Genuity slashed the price target on Open Lending from $20 to $5.5. Canaccord Genuity analyst Joseph Vafi downgraded the stock from Buy to Hold.
- Raymond James cut the price target on Open Lending from $12 to $8. Raymond James analyst John Davis maintained an Outperform rating.
- Stephens & Co. lowered the price target on Open Lending from $9 to $6. Stephens & Co. analyst Vincent Caintic maintained an Equal-Weight rating.
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