Raul Vazquez, the Chief Executive Officer of Oportun Financial Corp (NASDAQ:OPRT), recently acquired additional shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Vazquez purchased 8,844 shares at a price of $3.86 per share, totaling approximately $34,137. The purchase comes as InvestingPro analysis indicates the stock is trading below its Fair Value, with a price-to-book ratio of just 0.41 and a strong one-year return of 53%. Following this transaction, Vazquez holds a direct ownership of 1,257,328 shares. Additionally, Vazquez has indirect ownership of 233,709 shares, which are held in a family trust where he serves as the trustee. This acquisition reflects Vazquez's ongoing investment in Oportun Financial, a company known for its financial services with a market capitalization of $137 million and an overall financial health rating of "Good" according to InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ US stocks.
In other recent news, Oportun Financial has reported growth and cost efficiency in its Q3 earnings for 2024. The firm's adjusted EBITDA rose to $31 million, surpassing guidance by 21%, and its adjusted net income reached $0.9 million. Operating expenses were cut to $102 million, down 17% year-over-year. In addition, the company has expanded its borrowing capacity to approximately $429.03 million, aiming to bolster its financial position by securing additional capital through its subsidiary, Oportun PLW Trust.
Oportun Financial has also entered into a new credit agreement and issued warrants to affiliates of investment firms Castlelake L.P. and Neuberger Berman. Concurrently, the company committed to a Registration Rights Agreement, obligating it to file a registration statement with the U.S. Securities and Exchange Commission for the shares underlying the warrants. These recent developments are part of Oportun Financial's strategic focus on cost efficiency, credit quality, and strategic transactions.
The company projects total revenue for full-year 2024 to be between $997 million and $1.001 billion, with adjusted EBITDA guidance set at $92 million to $94 million. Looking ahead to 2025, Oportun Financial forecasts a diluted EPS between $0.25 and $0.50 and an annualized net charge-off rate between 11% and 12%.
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