Patrick Kirscht, the Chief Credit Officer of Oportun Financial Corp (NASDAQ:), recently sold 8,403 shares of the company’s common stock. The company, which has seen a strong 29.69% price return over the past six months, maintains robust liquidity with a current ratio of 22.8x. According to InvestingPro analysis, analysts expect net income growth this year. The shares were sold at prices ranging from $3.78 to $3.835 per share, with a total transaction value of $31,931. Following this sale, Kirscht retains direct ownership of 333,360 shares. Additionally, he holds indirect ownership of 2,900 shares each for two children, as noted in the filing. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which provides deep-dive analysis of 1,400+ US stocks.
In other recent news, Oportun Financial has announced a series of strategic financial moves. The company reported significant growth and cost efficiency in its Q3 earnings for 2024, with adjusted EBITDA rising to $31 million, surpassing guidance by 21%, and adjusted net income reaching $0.9 million. Operating expenses were cut to $102 million, down 17% year-over-year. The firm also expanded its borrowing capacity to approximately $429.03 million through its subsidiary, Oportun PLW Trust, aiming to bolster its financial position.
Furthermore, Oportun Financial entered into a new credit agreement and issued warrants to affiliates of investment firms Castlelake L.P. and Neuberger Berman. The company also 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 underscore 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 adjusted EBITDA guidance set at $92 million to $94 million. Looking ahead, the company has projected a strong close to 2024, with an optimistic outlook for 2025, forecasting a diluted EPS between $0.25 and $0.50 for 2025 and an annualized net charge-off rate between 11% and 12%.
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