Cadian Capital Management LP Sells 544,043 Shares of OPENLANE, Inc. (NYSE:KAR)

Cadian Capital Management LP reduced its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 22.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,902,194 shares of the specialty retailer's stock after selling 544,043 shares during the quarter. OPENLANE makes up approximately 2.2% of Cadian Capital Management LP's holdings, making the stock its 17th biggest position. Cadian Capital Management LP owned approximately 1.78% of OPENLANE worth $37,740,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KAR. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE during the 4th quarter worth approximately $34,000. Quarry LP grew its stake in shares of OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after buying an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in OPENLANE by 435.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock worth $51,000 after buying an additional 2,062 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in OPENLANE during the fourth quarter worth $68,000. Finally, KBC Group NV raised its position in OPENLANE by 51.1% during the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer's stock worth $105,000 after acquiring an additional 1,798 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

OPENLANE Stock Performance

Shares of KAR stock traded up $0.08 during midday trading on Friday, hitting $21.85. 1,558,119 shares of the company were exchanged, compared to its average volume of 729,417. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $22.47. The firm has a market capitalization of $2.35 billion, a P/E ratio of 41.23, a PEG ratio of 1.85 and a beta of 1.32. The firm's 50 day moving average price is $19.55 and its two-hundred day moving average price is $19.81.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. The company had revenue of $460.10 million during the quarter, compared to analysts' expectations of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business's revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 earnings per share. Analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on KAR shares. Barrington Research restated an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a research note on Friday, February 21st. StockNews.com raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday. JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $23.00 to $20.00 in a research report on Thursday, March 27th. Finally, Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $20.00 to $26.00 in a report on Friday, February 28th.

About OPENLANE

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.