Why Open Lending Stock Was Down 19.2% This Week
Open Lending (NASDAQ: LPRO) had a rough week, as its stock price plunged 19.2% this week, as of noon ET on Friday, according to S&P Global Market Intelligence. The stock price had been down as much as 22.5% during the week. As of Friday at noon ET, it was trading at about $8.27 per share, up 22.5% year to date.
The markets were mixed this week, as the S 500 was down 0.5%, the Dow Jones Industrial Average was up 0.5%, and the Nasdaq Composite dropped 2.1% as of noon ET on Friday.
Open Lending offers automated lending services to banks and financial institutions that provide auto loans. Among its services are loan analytics, risk modeling, default insurance, automated decision technology, and risk-based pricing that helps lenders generate profitable loans. Its focus is to help lenders serve non-prime or underserved borrowers. It makes money from the lenders from both fees on the loans it facilitates and a cut of the underwriting profit.
Source Fool.com
