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OppFi Inc. (OPFI) stock is rising in the Premarket: Why is it so?

Shares of the OppFi Inc. (OPFI) stock were rising in the premarket following the announcement of third-quarter 2021 financial results. OPFI stock price saw a push of 11.11% to reach $8.30 a share at the time of this writing. The stock was also green in the previous trade and went up by 3.32% at closing. Let’s dig in to explore more of it.

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Third Quarter 2021 Financial Results:

  • In the three months ended September 30, 2021, OPFI stock generated $91,977 thousand in revenue as compared to $62,759 thousand in the same period of the previous year.
  • Net income in the reported quarter increased by 57.1% to reach $30,392 thousand as compared to $19,342 thousand net income in the same period of the previous year.
  • Adjusted EBITDA declined from $32,402 thousand in Q3,2020 to $31,779 thousand in Q3,2021.
  • Basic and diluted earnings per share were $1.06 for the OPFI stock in the reported quarter.
  • By the end of the third quarter of 2021, OPFI stock had $56.8 million in total cash and $490 million in funding capacity.

Nine Months Performance of OPFI stock:

  • In the first nine months of 2021, OPFI stock recorded $254,610 thousand in revenue as compared to $ 198,693 thousand in the same tenure of the previous year.
  • Net income in the first nine months of 2021 reached $72,763 thousand as compared to net income of $ 61,358 thousand in the same period of the previous year.
  • Adjusted EBITDA jumped from $ 66,445 thousand in the first nine months of 2020 to $96,418 thousand in the first nine months of 2021.

The full Year 2021 Outlook:

OppFi stock has projected its revenue for the full fiscal year 2021 in the range of $350 and $360 million. The company anticipates adjusted EBITDA between $120 million to $125 million for the full year 2021 and adjusted net income in the range of $62 million and $66 million for the full fiscal year 2021.

Previous Event of OPFI stock:

On October 19, 2021, OPFI stock announced the amendment of its existing credit facility of $75 million with Atalaya Management in order to provide support to the OppFi card, which has been launched recently. OppFi is the first-ever credit card that enables OppFi stock to serve the $21 billion non-prime credit card market segment.

Wrap Up:

OPFI stock has captivated the attention of investors in the stock market after the announcement of third-quarter 2021 financial results. The company has provided a positive outlook for the fiscal year 2021 and can be a good bet for investors in the long run.

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