SAN CARLOS, Calif.—Mohit Daswani, a director at Oportun Financial Corp (NASDAQ:OPRT), recently purchased 7,420 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were acquired on December 13 at a price of $3.90 per share, totaling approximately $28,938. Following this transaction, Daswani now holds 41,924 shares in the company. The insider purchase comes as the stock shows strong momentum, with a 32% gain over the past six months. According to InvestingPro analysis, the company currently appears undervalued, with a "GOOD" overall financial health rating.
Oportun Financial Corp, based in San Carlos, California, is a provider of financial services. The transaction reflects Daswani's direct ownership in the company, as noted in the SEC filing. With a market capitalization of approximately $140 million and a price-to-book ratio of 0.43, the company shows promising metrics. Discover more detailed insights and 10 additional ProTips for OPRT with an InvestingPro subscription, including exclusive access to comprehensive Pro Research Reports covering 1,400+ top stocks.
In other recent news, Oportun Financial Corp has reported significant 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. Concurrently, Oportun Financial expanded its borrowing capacity to approximately $429.03 million through an amendment, aiming to bolster its financial position. The firm also entered into a new credit agreement and issued warrants to affiliates of investment firms Castlelake L.P. and Neuberger Berman, terminating its previous credit agreements. These recent developments underline Oportun Financial's strategic focus on cost efficiency, credit quality, and strategic transactions. The company projects total revenue for the full year of 2024 to be between $997 million and $1.001 billion, with an optimistic outlook for 2025.
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