Thu Sep 19 09:00:50 UTC 2024: ## Arizona State Retirement System Ups Stake in Open Lending Co.
**Phoenix, AZ – September 19, 2024** – The Arizona State Retirement System increased its holdings in Open Lending Co. (NASDAQ:LPRO) by 32.2% in the second quarter, according to HoldingsChannel.com. This follows a trend of institutional investors showing growing interest in the lending technology company.
The fund now owns 28,288 shares of Open Lending, valued at $158,000. This investment comes as other hedge funds have also adjusted their positions in the company. SlateStone Wealth LLC and Aigen Investment Management LP both acquired new stakes in Open Lending during the second and fourth quarters respectively, while QRG Capital Management Inc. and Victory Capital Management Inc. raised their holdings.
Open Lending recently reported earnings for the second quarter, missing analysts’ expectations for both earnings per share and revenue. Despite the recent earnings miss, several research analysts remain bullish on the company’s future, with DA Davidson maintaining a “buy” rating and a target price of $8.00. However, some analysts have taken a more cautious approach, with Morgan Stanley reducing their price target to $5.00 and Needham & Company LLC downgrading their rating to “hold.”
The stock currently holds a consensus “Hold” rating with an average price target of $6.56. Open Lending stock opened at $5.99 on Thursday, with a market cap of $713.80 million.
Open Lending Corporation provides lending enablement and risk analytics solutions for financial institutions in the US. Their primary product, Lenders Protection Program (LPP), offers a cloud-based automotive lending platform, including loan analytics and automated issuance of credit default insurance.
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