Alliancebernstein L.P. Sells 15,212 Shares of OPENLANE, Inc. (NYSE:KAR)

Alliancebernstein L.P. decreased its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 10.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 123,882 shares of the specialty retailer's stock after selling 15,212 shares during the quarter. Alliancebernstein L.P. owned approximately 0.12% of OPENLANE worth $2,458,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kimelman & Baird LLC bought a new position in shares of OPENLANE during the 4th quarter valued at about $15,793,000. Norges Bank purchased a new stake in shares of OPENLANE in the fourth quarter worth about $7,007,000. Raymond James Financial Inc. bought a new position in OPENLANE during the fourth quarter valued at approximately $5,822,000. Hillsdale Investment Management Inc. purchased a new position in OPENLANE during the 4th quarter valued at approximately $4,115,000. Finally, JPMorgan Chase & Co. increased its stake in OPENLANE by 119.4% in the 4th quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer's stock worth $6,072,000 after acquiring an additional 166,536 shares during the last quarter. Institutional investors own 99.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on KAR shares. StockNews.com lowered shares of OPENLANE from a "buy" rating to a "hold" rating in a report on Friday, March 28th. Barrington Research reissued an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered shares of OPENLANE from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Finally, Stephens raised shares of OPENLANE from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.75.

OPENLANE Stock Performance

OPENLANE stock traded up $0.35 during mid-day trading on Tuesday, hitting $18.61. The company's stock had a trading volume of 576,758 shares, compared to its average volume of 728,324. The stock has a market cap of $1.99 billion, a PE ratio of 35.11, a P/E/G ratio of 1.85 and a beta of 1.38. OPENLANE, Inc. has a one year low of $15.44 and a one year high of $22.47. The company has a 50 day moving average of $20.05 and a 200-day moving average of $19.52.

OPENLANE (NYSE:KAR - Get Free Report) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.01. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The business had revenue of $455.00 million for the quarter, compared to the consensus estimate of $416.64 million. On average, equities research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

OPENLANE Profile

OPENLANE, Inc, together with its subsidiaries, operates as a digital marketplace for used vehicles, which connects sellers and buyers in North America, Europe, the Philippines, and Uruguay. The company operates through two segments, Marketplace and Finance. The Marketplace segment offers digital marketplace services for buying and selling used vehicles.