Welcome to our dedicated page for Oportun Financial Corporation news (Ticker: OPRT), a resource for investors and traders seeking the latest updates and insights on Oportun Financial Corporation stock.
Oportun Financial Corporation (Nasdaq: OPRT) is a mission-driven fintech company dedicated to providing responsible and affordable financial services, particularly to individuals with limited or no credit history. Formerly known as Progreso Financiero, Oportun focuses on empowering the underserved Hispanic community in the United States through advanced data analytics and technology.
Oportun’s suite of financial products includes personal loans, auto loans, unsecured personal loans, and secured personal loans. Additionally, the company offers deposit accounts, debit card services, and other transaction services to its customers. Oportun operates over 170 locations across California, Illinois, Texas, Utah, and Nevada, with a commitment to delivering a supportive service experience through bilingual staff and multi-channel support.
In recent news, Oportun entered into a $400 million whole loan flow sale agreement with Castlelake, an experienced investor in the consumer credit sector, to acquire personal loan production from Oportun over the next 12 months. This strategic relationship underscores the sustained strong demand for Oportun's lending products among institutional investors and is expected to bolster Oportun's mission of financial inclusion.
Since its inception, Oportun has provided over $17.8 billion in responsible credit, helping members save more than $2.4 billion in interest and fees. The company is also leveraging artificial intelligence to enhance its borrowing, saving, and budgeting capabilities, thereby aiding its 2.2 million members in building better financial futures.
Despite some challenges, including an 82% decline in stockholder return since its IPO in late 2019, Oportun's core business remains robust. The company’s leadership is under scrutiny from significant shareholders like Findell Capital Management, who are urging more decisive actions to unlock shareholder value.
For more detailed information on Oportun Financial Corporation and its latest developments, visit their website at Oportun.com.
Concerned Shareholders of Oportun Financial (NASDAQ: OPRT) have reiterated their call for Ginny Lee, Chair of the Nominating, Governance and Social Responsibility Committee, to resign from the Board of Directors. The group, led by Bradley Radoff and Josh Schechter, cites significant value destruction during Lee's tenure and an apparent inability to hold management accountable. Key points include:
1. -87.68% total shareholder return since Lee joined the Board in 2021, underperforming peers and indices.
2. Concerns over executive compensation practices.
3. Lee's lack of prior public company board experience.
4. Only 28.4% of outstanding shares supported Lee's re-election at the 2024 Annual Meeting.
The shareholders argue that Lee's continuation on the Board is not in the best interests of the company and its investors, urging her immediate resignation.
Oportun Financial (Nasdaq: OPRT) reported its Q2 2024 financial results, highlighting a significant 109% YOY increase in Adjusted EBITDA to $30M, despite a GAAP net loss of $31M. Total revenue dropped by 6% to $250M. Key developments include a new collaboration with Western Union for lending services and a non-binding letter of intent to sell the credit card portfolio, expected to enhance Adjusted EBITDA by $11M in 2025. Additionally, the company secured a $245M warehouse facility post-quarter end. Operational metrics showed a 10% decline in Aggregate Originations and a slight improvement in the 30+ Day Delinquency Rate to 5.0%. The Annualized Net Charge-Off Rate improved slightly to 12.3%. Operating expenses decreased by 20% YOY, supporting a better financial outlook for the second half of 2024.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, has secured a new $245 million committed warehouse facility. The facility features a three-year revolving period and is collateralized by Oportun's unsecured and secured loan originations. Deutsche Bank AG, New York branch, joins as a new senior lender, while Jefferies continues as a mezzanine lender.
Jonathan Coblentz, Oportun's CFO, emphasized that this facility demonstrates the company's ability to attract new investors and strengthen existing relationships. The long-term committed financing is expected to support Oportun's responsible growth in the coming years. Oportun maintains a diverse capital structure, including warehouse facilities, asset-backed securitizations, corporate-level debt, and whole loan sales.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, has announced it will release its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a conference call and earnings webcast to discuss the results on the same day at 5:00 pm ET / 2:00 pm PT.
Investors and interested parties can access the live webcast from Oportun's investor relations website at investor.oportun.com. A webcast replay will be available for one year. For those who prefer to dial in, the conference call number is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants are advised to call in 10 minutes before the scheduled start time.
Concerned shareholders of Oportun Financial (NASDAQ: OPRT) are calling for the resignation of three directors and the appointment of a new CEO following the 2024 Annual Meeting. The group, led by Bradley Radoff and Josh Schechter, highlights that only 28.4% of total outstanding shares voted for Nominating and Corporate Governance Committee Chair Ginny Lee in an uncontested election. They urge Ms. Lee, Neil Williams, and Louis Miramontes to resign, citing their apparent inability to hold CEO Raul Vazquez accountable for poor financial results and an ~80% share price decline since the 2019 IPO.
The shareholders demand the appointment of a new CEO with relevant industry experience to initiate a turnaround. They also criticize the use of non-GAAP metrics for executive compensation and call for industry-standard GAAP metrics instead.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, announced on June 20, 2024, that it granted a total of 142,478 restricted stock units (RSUs) to 39 new employees who joined the company in 2024. The grants were made under the Oportun 2021 Inducement Equity Incentive Plan. These RSUs have two vesting schedules: a four-year term with 25% vesting after one year and the balance in 12 equal quarterly installments, or a three-year term with approximately 33% vesting after one year and the balance in 8 equal quarterly installments. Both vesting schedules are contingent upon continued employment or service through each vesting date.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, announced its participation in the upcoming Sidoti June Virtual Investor Conference.
Oportun’s CEO Raul Vazquez and CFO Jonathan Coblentz will present and engage in investor meetings at the conference.
The presentation is scheduled for 4:00 pm ET on June 12, 2024, and can be accessed live via the company's Investor Relations website.
A replay of the presentation will be available for 90 days following the event.
Oportun Financial (Nasdaq: OPRT) reported strong first-quarter 2024 financial results, with a 15% sequential and 25% year-over-year decline in operating expenses, a $76 million reduction in GAAP net loss, and a return to adjusted profitability. The company executed a $150 million whole loan sale agreement in May and raised its full-year 2024 Total Revenue and Adjusted EBITDA guidance. The company expects further operational improvement throughout the year, with a 31% uplift in Adjusted EBITDA at the midpoint and a 350% year-over-year growth. Oportun reaffirmed its expectation to be Adjusted Net Income profitable in 2024.
FAQ
What is the current stock price of Oportun Financial Corporation (OPRT)?
What is the market cap of Oportun Financial Corporation (OPRT)?
What does Oportun Financial Corporation do?
Who are Oportun Financial Corporation’s target customers?
What is Oportun's mission?
How does Oportun determine an applicant’s ability to repay?
How many locations does Oportun operate?
What recent strategic transactions has Oportun engaged in?
What savings have Oportun members achieved?
What recognition has Oportun received for its use of technology?
What is the current focus of Oportun's leadership?
Where can I find more information about Oportun Financial Corporation?
