Open Lending initiated with a Neutral at BTIG

BTIG initiated coverage of Open Lending with a Neutral rating as part of a broader research note launching coverage on Consumer Finance names. For the stock to work, Open Lending must post consistent certification volume growth, but its 2024 certification volumes are down 31% vs. 2021 and look “subscale” from both an efficiency standpoint and from the ultimate market opportunity available for Open Lending’s credit insurance product, the analyst tells investors in a research note. This will take a while to reverse given the operational issues and the macro environment, the firm added.