Oportun Financial Corp (OPRT)

Oportun Financial Corporation (OPRT) dropped by 48.97% from $5.82 to $2.97 in the trading on Tuesday November 7, 2023. The reasons why OPRT stock down today include:

• Wider-than-expected quarterly loss: Adjusted net loss was $18 million as compared to adjusted net income of $8.4 million in the prior-year quarter. The decrease in is attributable to decreased net revenue, partially offset by lower operating expenses.
• Cost-cutting measures plan: Oportun is setting its sights on achieving $105 million in quarterly expenses by the end of 2024. This target is expected to be reached through cost reductions, streamlining its product suite, as well as exploring strategic options for its credit card portfolio.