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SAN CARLOS, Calif. - Financial services company Oportun (NASDAQ:OPRT), currently valued at $312 million in market capitalization, revealed Wednesday that activist investor Findell Capital Management has sold 500,000 shares of the company’s stock since the beginning of 2025 while simultaneously campaigning for board changes and claiming the stock is undervalued. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
The disclosure comes as Oportun faces a proxy contest with Findell, which is attempting to replace CEO Raul Vazquez on the company’s board with its own nominee, Warren Wilcox, ahead of the July 18 annual meeting.
In a letter to shareholders, Oportun’s board questioned Findell’s motivations, noting the contradiction between the investor’s public statements about Oportun’s value and its significant stock sales. The board also raised concerns about Wilcox’s qualifications, stating that an independent background check found "substantive inconsistencies and inaccuracies" in his submitted biography regarding previous job titles and tenures.
Oportun highlighted that its stock price has more than doubled since the last annual meeting, delivering an impressive 163% return over the past year, which the company attributes to strategic initiatives focused on improving credit outcomes, strengthening business economics, and identifying high-quality originations. InvestingPro data shows the company maintains strong liquidity with a current ratio of 10.91, and has received a "Good" Financial Health score. Unlock 8 more key InvestingPro Tips and comprehensive analysis with a subscription.
The company urged shareholders to vote for its nominees, Vazquez and Carlos Minetti, using the green proxy card, arguing that removing the CEO from the board would "jeopardize the continuity, leadership and business insight needed to sustain our positive momentum."
Oportun, which describes itself as a mission-driven financial services company, provides lending and savings products. The company stated it has provided over $20.3 billion in credit since inception. While currently unprofitable, analysts expect the company to return to profitability this year, according to InvestingPro forecasts.
The information in this article is based on a press release statement from Oportun.
In other recent news, Oportun Financial Corporation has been actively engaged in a proxy battle with Findell Capital Management over board composition and leadership. The company’s board is urging stockholders to support CEO Raul Vazquez and Carlos Minetti as directors, emphasizing that removing Vazquez could destabilize the company. Institutional Shareholder Services (ISS) has recommended voting for Findell’s nominee, Warren Wilcox, citing governance concerns and the need for independent oversight. Oportun has made several proposals to Findell to resolve the proxy contest, including changes to the board’s composition. However, Findell has yet to respond to the latest offer. Findell, supported by Oportun’s founder James Gutierrez, is advocating for Wilcox’s election and the continued service of former director Scott Parker, emphasizing their experience in lending. Oportun has recently restructured its board, reducing its size and focusing on rebalancing director skills. The ongoing disagreement highlights contrasting visions for the company’s future governance and strategic direction.
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