Welcome to our dedicated page for Open Lending Corporation news (Ticker: LPRO), a resource for investors and traders seeking the latest updates and insights on Open Lending Corporation stock.
Open Lending Corporation Common Stock (NASDAQ: LPRO) is a prominent player in the financial technology sector, providing automated lending services to financial institutions across the United States. Founded in 2000 and headquartered in Austin, Texas, Open Lending specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology, primarily for automotive lenders.
The company's flagship product, the Lenders Protection Program (LPP), is a unique auto lending solution that empowers lenders to increase volumes and yields on near-prime and non-prime auto loans without adding risk to their loan portfolios. By combining sophisticated risk-based pricing models tailored to each lender's financial targets and reliable loan default insurance from AmTrust Financial Services, LPP offers a powerful and secure way to boost loan performance.
Open Lending has received significant recognition for its rapid growth and positive work environment. It has been listed among Austin's Fast 50 growing companies for the past four years and has been named one of Austin's Best Places to Work for the last two years.
Recent achievements for Open Lending include expanding partnerships with various financial institutions and enhancing their technology to provide even more precise risk assessments and improved loan outcomes. These efforts have solidified Open Lending's reputation as a leader in the fintech space, helping lenders reduce losses and improve profitability through innovative solutions.
Financially, Open Lending has demonstrated strong performance, reflecting its robust business model and commitment to innovation. The company's financial health is bolstered by its strategic partnerships, cutting-edge technology, and dedicated workforce.
For investors and stakeholders looking to stay informed about the latest developments, Open Lending's commitment to transparency and regular updates ensures that they are well-informed about the company's performance and strategic direction.
Rover.com, the largest online pet care marketplace, reported strong demand for its services in Q1 2021, spurred by a surge in pet ownership during the pandemic. New pet care bookings have reached pre-pandemic levels, with a notable rise in overnight services and advance bookings. The trend of 'pandemic puppies' has contributed to a 38% increase in new puppy profiles compared to Q1 2019. Key states like California and Texas saw month-over-month booking increases of 45% and 69%, respectively. Rover is set to go public through a merger with Nebula Caravel Acquisition Corp. (Nasdaq: NEBC).
Open Lending Corporation (Nasdaq: LPRO) has announced a secondary public offering of 9 million shares at a price of $34.00 each, up from an initial offering of 7.5 million shares. Existing stockholders, including Nebula Holdings and executive officers, are selling the shares, with underwriters given a 30-day option for an additional 1.35 million shares. Open Lending is not selling shares and will not receive proceeds. Additionally, it plans to repurchase shares worth $20 million from the selling stockholders, contingent on the offering's closing on April 6, 2021.
Open Lending Corporation (Nasdaq: LPRO) has announced a secondary public offering of 7.5 million shares by existing stockholders, along with an option for underwriters to purchase 1.125 million additional shares. The company will not receive any proceeds. Concurrently, Open Lending plans to repurchase $20 million worth of shares from the selling stockholders at the offering price. The offering is contingent upon the completion of the share repurchase, aiming to enhance shareholder value.
Open Lending (NASDAQ: LPRO) has partnered with Noble Federal Credit Union, a $1.019 billion institution in Fresno, CA, to enhance financial services for its members. This collaboration will utilize Open Lending’s Lenders Protection™ program, aiming to safely increase near and non-prime auto loan volumes. The initiative reflects Open Lending's commitment to empowering credit unions by providing robust analytics and risk management solutions, enabling them to serve more members effectively.
Open Lending (NASDAQ: LPRO) reported its fourth quarter and fiscal year 2020 results, showcasing significant growth. The company facilitated 26,822 certified loans in Q4 2020, a 19% increase year-over-year, resulting in total revenues of $39.6 million, a 52% rise. Gross profit reached $36.7 million, up from $23.8 million, while Adjusted EBITDA increased 37% to $24.8 million. However, the company faced a GAAP net loss of $97.6 million for the year due to a one-time change in fair value related to a prior business combination. For 2021, Open Lending reaffirmed its guidance of $184 - $234 million in revenue.
A Place for Rover, Inc. is merging with Nebula Caravel Acquisition Corp. (NEBC) in a deal valued at approximately $1.35 billion. Following the merger, the combined entity will be named Rover Group and listed under the ticker symbol ROVR. Rover connects pet owners with high-quality pet care providers across North America and Europe, with over 500,000 providers and 2 million bookings since 2020. The deal will provide $50 million in private investment and is expected to close in the first half of 2021, aiming to accelerate service expansion and growth in the pet care industry.
Open Lending Corporation (NASDAQ: LPRO) will host a conference call on March 9, 2021, at 5:00 PM ET to discuss its fourth quarter 2020 financial results. The call will feature CEO John Flynn, President Ross Jessup, and CFO Chuck Jehl. A press release with the financial results will be made available after market close on the same day. Interested parties can access the call through the investor relations website or by phone. A replay will be available for two weeks following the call.
Open Lending (NASDAQ: LPRO) partners with Royal Credit Union to enhance their auto loan portfolio through the Lenders Protection™ program. This collaboration aims to boost auto loan volumes while managing risk effectively. Royal CU, a $3.3 billion institution in Wisconsin, emphasizes its commitment to its members' financial needs. Open Lending's platform offers advanced analytics for competitive lending rates, intending for higher yields and strengthened member relationships.
AUSTIN, Texas, January 4, 2021 – Open Lending Corporation (NASDAQ: LPRO) has announced its participation in a fireside chat at the Goldman Sachs Technology and Internet Conference on January 12, 2021, at 12:10 PM ET. Interested parties can access the live discussion through the Company’s investor relations website under the “Events” section. Open Lending specializes in lending enablement and risk analytics solutions, primarily through its flagship product, Lenders Protection, which helps financial institutions manage profitable auto loan portfolios. For more information, visit www.OpenLending.com.
Open Lending (NASDAQ: LPRO) has partnered with Interra Credit Union to enhance auto loan offerings through the Lenders Protection™ program. This collaboration aims to meet the needs of more members by leveraging Open Lending's advanced risk-based pricing and loan analytics. Interra, a $1.3 billion credit union in Indiana, seeks to strengthen its reputation and profitability by serving near and non-prime auto loan customers. This partnership aligns with Open Lending's mission of empowering financial institutions, positioning LPRO for potential growth in the auto lending sector.
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