Open Lending Corp Cl A Down 12.86% To $5.76 After Earnings Miss

Open Lending Corp (LPRO) missed earnings projections on 11/7/2023 for Q3 2023.

Wall Street earnings per share (EPS) projections for Open Lending Corp Cl A were at $0.07. The company missed those estimates with an EPS of $0.02. The earnings per share of $0.02 (which represents a -71% EPS surprise) led to the company's profits falling 89% compared to last year when the firm reported an EPS of $0.19. The decline in Open Lending Corp Cl A's annual growth rate represents how the business isn't performing well amid current economic conditions.

Revenues were downbeat at $26 million. That represents a 48.67% decrease in revenues from the year-ago report and is 20.28% lower than consensus estimates set at $32.6 million.

The stock is down 12.86% to $5.76 after the report.

Open Lending Corp Cl A's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Open Lending Corp Cl A a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 53. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Open Lending Corp is engaged in providing automated lending services to financial institutions. The company offers loan analytics, risk-based pricing, risk modeling, and automated decision technology. Its Lenders Protection Program (LPP), enables automotive lenders to make loans that are largely insured against losses from defaults.