LPRO - Why Open Lending Stock Was Tanking Today
2023-08-09 16:39:08 ET
Open Lending (NASDAQ: LPRO) was in freefall on Wednesday, falling as much as 35.6% during the trading day. By 3:15 p.m. ET it had gained back some of its losses and was down 22.6% on the day. Year to date, the stock is up 17%, trading at $8 per share.
The markets were trending lower on Wednesday as the S&P 500 index fell 12 points (0.3%), the Dow Jones Industrial Average dropped 33 points (0.1%), and the Nasdaq Composite plunged 106 points (0.8%) as of 3:15 p.m. ET.
Open Lending is a firm that provides automated lending services to financial institutions that offer auto loans. Its services include loan analytics, risk modeling, default insurance, automated decision technology, and risk-based pricing that helps lenders generate profitable loans, with a focus on those that serve non-prime or underserved borrowers. The company earns money through fees on the loans it facilitates and gets a fixed percentage of the monthly underwriting profit from lenders.
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Why Open Lending Stock Was Tanking Today